SOCAR 'to increase investment in Petkim'

Azerbaijan`s state oil firm, SOCAR, has revealed plans to increase investment in Turkish petrochemical complex Petkim. According to SOCAR`s first vice-president Khoshbakht Yusifzade, the company plans to invest about 10 billion dollars in the complex in seven or eight years.

“We plan to invest around 3.5 or 5 billion dollars in construction of an oil refinery with the yearly capacity of 10 or 15 tons.”

“The construction of the facility will complete in 2014 or 2015,” he added.

In 2008, the alliance between SOCAR and Turcas Petrol / Injaz Projects won a tender to but 51 percent stake of Petkim, offering $1.6 billion.


/AzerTAc/