Economy

SOCAR to invest $3 billion in Turkey for 3 years

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Azerbaijan`s state-run energy company SOCAR is aiming to invest $3 billion in Turkey in 2018, SOCAR Turkey CEO Zaur Gahramanov has said.

According to him, 2017 was successful for SOCAR and Petkim. Petkim has set a record in terms of production and income. In 2017, Petkim`s profit reached 1.4 billion Turkish Liras.

At present, construction of the Trans-Anatolian gas pipeline (TANAP) and Star plant are in progress. In 2018, their construction will be completed and the largest projects that have been invested for the last 8 years will be commissioned.

Gahramov also noted that SOCAR has already invested more than $ 12.6 billion of the planned $ 19.5 billion. After completion of the ongoing projects, this figure will reach $ 16.5 billion, while the remaining $ 3 billion will be invested in 2018, 2019, 2020.

“At present, we are working on new projects. A new investment will be made in 2019. At the end of 2022, we plan to complete the construction of a new petrochemical complex,” Zaur Gahramanov added.

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