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Turkey: SOCAR Turkey to increase investments

Vagif Aliyev, Chairman of the Board of SOCAR Turkey, local subsidiary of the State Oil Company of Azerbaijan, announced that the company will continue to invest in Turkey even after the failed coup on 15 July and stressed that this event will not damage the investments in Turkey.
Aliyev said that SOCAR’s investment in Turkey totaled over 18 billion dollars, including the projects that will help Europe to increase energy security and diversify sources of energy, adding that the company has over 40,000 employees in the country. SOCAR’s partners are also determined to continue operations in Turkey and trust in Turkey’s economy and stability, Aliyev concluded.
He added that SOCAR is currently building the first private oil refinery in Turkey – STAR refinery, which should be completed in 2018. Petrochemical company Petkim, the subsidiary of SOCAR Turkey, which was the first of its kind in Turkey and was privatized in 2008, represents a symbol of the trust that SOCAR has in Turkey.

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