SOCAR Türkiye's Local Investments Reach $18B

2023-05-12 05:13:22

(MENAFN- Trend News Agency) IZMIR, TÜRKİYE, May 12. SOCAR Türkiye's investments in the Turkish economy reach $18 billion, Acting CEO of SOCAR Türkiye Elchin Ibadov said at the press conference, trend reports.

SOCAR acquired the PETKIM petrochemical complex for $2 billion, in the future, to increase the efficiency of the plant by investing an additional $1.6 billion, he said.

"We also built the STAR oil refinery in Türkiye, investments in it amounted to $6.7 billion. In addition, SOCAR Türkiye has 7 percent of assets in the TANAP project. Some 23.3 billion cubic meters of gas have been transported to Europe and 21.5 billion cubic meters to Türkiye until today," he said.

SOCAR Türkiye started its commercial activity in Türkiye after acquiring 51 percent of PETKIM shares in 2008. It includes best-in-class companies such as PETKIM, TANAP, STAR Refinery, SOCAR Terminal, PETKIM RES (wind farm), Bursagaz, Kayserigaz, Enervis, SOCAR Enerji Ticaret, Millenicom, SOCAR Ticaret and SOCAR Depolama.

The company focuses on the production of petrochemical products, processing, trading and distribution of natural gas.

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