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Friday, August 18, 2017

Turkey's largest foreign investor is Azerbaijan

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.