Economy

SOCAR to keep on diversifying its business portfolio in Turkey

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Azerbaijan’s state oil company SOCAR will continue to diversify its business portfolio and make new investments in Turkey in the future, the company told Trend and Azernews.

SOCAR has invested in several countries, as well as in Turkey during the last decade in order to optimize its revenues and create added value for Azerbaijan’s economy, the company noted.

“The modernization and reconstruction of Petkim Petrochemical Complex and the construction of Petlim container port have already been completed successfully and we are happy to announce that two of our strategically important projects in Turkey, namely the Trans-Anatolian Natural Gas Pipeline (TANAP) and Star Oil Refinery will be commissioned this year,” SOCAR said.

All of these projects are a part of SOCAR’s vertical integration strategy, according to the company.

“We will also continue to diversify our business portfolio and make new investments in the future in order to boost economic development of Azerbaijan,” the company said.

SOCAR is the biggest foreign investor of Turkey with its total investment to reach $19.5 billion by 2020.

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