Azerbaijan’s SOCAR to invest $7 bln in Turkey’s petrochemicals

Azerbaijan’s state oil company SOCAR plans to invest about $7 billion in Turkey’s petrochemical sector, Turkish Vice President Cevdet Yilmaz said on Thursday, according to Daily Sabah.

Yilmaz said the new project followed engineering and feasibility studies carried out under a Master Plan and would help reduce Turkey’s trade deficit and strengthen macroeconomic stability.

SOCAR has already invested more than $18 billion in Turkey’s economy, owning leading petrochemical company Petkim and the STAR refinery in Izmir. SOCAR Türkiye’s head of petrochemicals Kenan Mirzoev previously said the plan envisages new polyolefin production, with implementation expected to take five to ten years.

Yilmaz also highlighted the start of Azerbaijani gas supplies to Syria via Turkey, calling it a “critical partnership” to support electricity generation in the war-torn country. He added that Baku and Ankara plan to deepen cooperation on gas exports, including potential transit of Turkmen gas through Azerbaijan and Turkey.