SOCAR eyes fresh investments in Turkey's Petkim, seeks global projects with BOTAS

State Oil Company of Azerbaijan (SOCAR) is preparing new investments in its flagship Petkim petrochemical complex in Turkey to enhance output capacity and international competitiveness, SOCAR President Rovshan Najaf announced on Friday.

Addressing the Azerbaijan–Turkey Energy Forum in Baku, Najaf stated that the proposed capital expenditures form part of Petkim’s comprehensive master development plan, though he did not disclose financial metrics, implementation timelines, or target volume additions. SOCAR remains Turkey's largest direct foreign investor, anchoring an integrated asset portfolio spanning refining, petrochemicals, gas distribution, and power generation.

Najaf revealed that SOCAR and Turkish state gas grid operator BOTAŞ are exploring joint ventures in third countries beyond Azerbaijan and Turkey, without specifying target markets. He recalled that in June, BOTAŞ signed a 15-year gas sales agreement with the Absheron field consortium securing 50% of the gas produced during the offshore field's full-field development phase.

SOCAR is also accelerating its footprint across Turkey's power sector; Najaf confirmed the acquisition earlier this year of an 870-megawatt gas-fired power plant, extending SOCAR's commercial value chain directly from natural gas supply into electricity generation.

N.Tebrizli