SOCAR invested $2.2 bln in Petkim in 2008-2014

Baku: “A major part of business activity of the State Oil Company of Azerbaijan (SOCAR) in Turkey is related to development of Petkim”, said the SOCAR President Rovnag Abdullayev at the B20 Azerbaijan Regional Consultation Forum.

According to him, SOCAR intends to increase share of Petkim in Turkish market to 40% as a result of “Value-site” project implemented within the oil refinery – petrochemistry – energy – logistics integration in Petkim peninsula: “Construction of STAR Oil Refinery successfully continues. This plant will allow Turkey to reduce import deficit.

Expansion of cargo port in Petkim peninsula is our another larger project. This port, planned to be completed in 2015-2016, will be the largest container in the region of Egey. We also plan to construct power station in the peninsula. SOCAR invested $2.2 bln in Petkim in 2008-2014. We plan to invest $10 bln in the next 7-8 years”.

SOURCE: Azeri Press News Agency