SOCAR is establishing a petrochemical research and development (R&D) center in the Aliağa peninsula in the Aegean province of İzmir in Turkey, ONA reports citing Daily Sabah.
SOCAR's new investment, which is said to cost about $1.5 billion, will be completed in late 2020.
Anar Mammadov, the general manager of SOCAR Turkey Real Estate and Administrative Construction said about this at the meeting of Azerbaijani Businessmen Association (TAİB).
"The total planned investment is around $20 billion. Therefore, we plan to invest the remaining amount in the next three to four years," he said.
Mammadov pointed to the ongoing oil and petrochemical R&D project realized in Aliağa, İzmir with an investment of $1.5 billion, adding they are currently in the project phase of the largest R&D center of the Aegean region.
"We aim to complete the project toward the end of 2020. Construction will start this year," he added.
It is reported that the R&D center will focus on the development of petrochemical products, materials, and energy efficiency, as well as wastewater treatment technologies.