SOCAR to invest billions in Turkish oil firm Petkim

May 13, 2015 12:00 AM

The State Oil Company of Azerbaijan (SOCAR) will invest $10 billion in the Turkish petrochemical firm Petkim Petrokimya Holding over the next seven to eight years, according to an announcement made by SOCAR President Rovnag Abdullayev in Baku.

Abdullayev said SOCAR aims to increase Petkim's share in the Turkish petrochemical market by 40 percent.

SOCAR, the sole producer of petroleum products in Azerbaijan, currently holds shares in Petkim and invested $2.2 billion in Petkim between 2008 and 2014. SOCAR also has a 58 percent stake in the multibillion-dollar Trans-Anatolian Natural Gas Pipeline (TANAP) project, which aims to reduce Europe's reliance on Russian gas.

Azerbaijan is energy import-dependent Turkey's third-largest supplier of natural gas after Russia and Iran.

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