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Tuesday, August 22, 2017

SOCAR looks to increase Turkish project investments

Azerbaijani energy giant SOCAR's investments in Turkey are expected to reach $5 billion by the end of the year, according to the company's projections.

SOCAR has already invested $3.5 billion in Turkish projects, including the privatization of the Petkim Petrochemical Complex and implementation of the Star refinery project in Izmir, AzerNews reports.

SOCAR Energy Turkey Executive Director Kenan Yavuz said construction of a new container port in the Petkim Petrochemical Complex is already underway and should be operational by September 2015, along with a wind power plant.

Yavuz said the total investments of state oil fund SOFAZ in Turkey, including the Trans-Anatolian Gas Pipeline Project (TANAP), is $20 billion. SOCAR has actively invested in Turkey since 2008, according to AzerNews.