(MENAFN - AzerNews) By Mirsaid Ibrahimzade
Activity of Azerbaijan in Turkey expressed in exports to this country and huge investments makes an important contribution to economy of both states.
Azerbaijan exported 222,900 tons of crude oil to Turkey in January-March 2019, says a report by Turkish Energy Market Regulatory Authority.
In March alone, Turkey exported 15,900 tons of crude oil from Azerbaijan. The share of Azerbaijan in the total imports of crude oil by Turkey made up 0.43 percent.
Azerbaijan, in turn, imported 240,200 tons of aviation fuel from Turkey in March 2019, the report says.
Turkey receives oil from Azerbaijan through the Baku-Tbilisi-Ceyhan (BTC) pipeline.
Turkey's total crude oil imports amounted to 2.5 million tons in March.
It is important to note that Azerbaijan invests in Turkish economy through the state oil company SOCAR, which carries out its activity in Turkey through SOCAR Turkey. SOCAR has already made $15 billion out of $19.5 billion of investments in the country that are important steps towards ensuring Turkey's energy supply security. SOCAR Turkey's share in SOCAR constitutes 35 percent.
The company has a controlling stake (51 percent) in the Petkim petrochemical complex on the Aliagha peninsula since 2008 and owns the Star oil refinery.
It is noteworthy that the $6.3 billion-worth Star oil refinery, which was built by SOCAR in the Aliagha district, in the territory of the Petkim petrochemical complex, will produce 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel fuel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulphur.
Mirsaid Ibrahimzade is AzerNews' staff journalist, follow him on Twitter: @MirsaidIbrahim1
Follow us on Twitter @AzerNewsAz
#AZERBAIJAN'S EXPORTS TO TURKEY