SOCAR’s investments in Turkey to exceed 18 billion dollars – Turkey, 15 December 2016

President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said that investment made by the company in Turkey is a proof of trust in Turkish economy, noting that SOCAR is investing over 18 billion dollars in multiple projects that will help Turkey become a regional and global provider of energy security.
Abdullayev stated that once the company’s investments in Turkey are completed, they will significantly contribute to reducing Turkish dependence on energy imports and the country’s current deficit. One of SOCAR’s major investments in Turkey is STAR refinery which is expected to become operational in 2018. The construction of Trans-Anatolian gas pipeline (TANAP), a project in which SOCAR has a majority stake, is progressing according to plan and negotiations with international banks and financial institutions on financing the project are currently ongoing. Abdullayev noted that 8 % of SOCAR’s share in TANAP project will soon be transferred to SOCAR Turkey.

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