Socar To Invest $17Bn In Turkey

Azeri state firm Socar plans to invest up to $17bn in Turkey through the end of this decade, Socar Turkey Energy CEO Kenan Yavuz told a conference in Baku on 5 June. The Socar subsidiary holds a 61.32% stake in Turkey’s largest petrochemical company, Petkim. Mr Yavuz said that most of this investment will be directed to the completion of a refinery that will be constructed in Izmir. The new refinery is expected to cost $9bn and will have a crude distillation capacity of 10mn tons/year (200,000 b/d). It is intended to supply growing local demand and also to increase the company’s export revenues. Petkim already exports around 25% of its production. Socar also plans to invest $1bn in the construction of a combined cycle gas turbine (CCGT) power plant. The remaining sum, according to Socar President Rovnag Abdullayev, will be allocated for the construction of the Trans Anatolian Pipeline (TANAP) gas project, which that is expected to be built with a scalable transportation capacity rising to 31 bcm/year (MEES, 5 March).

© Copyright MEES 2012.