The State Oil Company of Azerbaijan Republic said on Tuesday that it is the largest foreign investor in Turkey.
Kenan Yavuz, the head of SOCAR in Turkey, said the company's direct investments could reach $20 billion as a result of upcoming projects. Recent transactions lifted Azerbaijan up to become Turkey's largest direct investor, News.az reports.
"SOCAR's direct investments exceeded $14.9 billion made into the Turkish economy during 1923-2003,'' Yavuz said, according to News.az. "With the projects in the power engineering and petro-chemistry, Azerbaijan became Turkey's largest foreign investor."
SOCAR Turkey Enerji A.s and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex on March 30, 2012. The acquisition increased SOCAR's stakes to 61.32 percent. Approximately 38 percent of Petkim's shares are in free circulation on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products. Petkim exports a quarter of its products, News.az reports.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme