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SOCARâ€™s investments in Turkey to reach $17 bln

05 December 2012 16:47 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Today, a presentation ceremony of the first certificate of the Republic of Turkey on promotion of strategic investments was held in Istanbul. Azerbaijani and Turkish officials, media representatives attended the event.

It was noted at the ceremony that, within the new law on “Investments Incentives Act”, approved by Turkish Grand National Assembly, the biggest companies investing in this country will be presented certificate.

Turkish Economic Minister Zafer Chaglayan stated that the first certificate was presented to State Oil Company of Azerbaijan and presented the document to Rovnag Abdullayev. The minister said that STAR Petroleum Refining Company, founded in Aliaga region of Izmir on October 25, 2010, would play an important role in the strengthening of relations between two countries. He also noted that this Company would support perspective development of Petkim and strengthening of Turkish economy.

Head of SOCAR-Turkey Enerju A. Åž. Kenan Yavuz spoke about the measures on extension of Petkim and noted that new Oil Refinery Plant, which would have annual capacity of 10 mln tones, would eliminate the dependency of Petkim on raw material, increase the productivity and competitiveness. According to him, SOCAR‘s purpose is to change the Petkim peninsula to a production complex owning oil refinery, oil chemistry, energy and logistics integration.

Speaking about TANAP pipeline, Yavuz noted that jointly with this project, SOCAR’s investments in Turkish economy would reach $17 bln within 2008-2018 and SOCAR would be a real greatest investor in Turkish economic history.