Azerbaijan, Baku, Oct. 31 /Trend, E.Ismayilov/
Total amount of investments of SOCAR (State Oil Company of Azerbaijan) in Turkey in the field of petrochemicals, oil refining, power generation and port business will total about $7 billion, SOCAR President Rovnag Abdullayev said Monday in an interview with AzTV state television.
According to him, these investments will be made in the development of the petrochemical complex Petkim, in which SOCAR has equity participation, in building a new refinery in Turkey, a new port and a new power plant that will cover the electricity needs of the listed facilities.
"In general, the investment will amount to about $7 billion, and if we add to this the construction of new pipeline in Turkey, the figures would be even more," said Abdullayev.
According to Abdullayev, in the coming years, Azerbaijan will become a major investor and participant in the energy market in Turkey with the presence of SOCAR. "It will bring great opportunities and incomes both to Azerbaijan and Turkey in the future," he said.
So, next year SOCAR intends to begin construction of a new 600-megawatt power plant in Turkey. The power plant will operate with coal and petroleum coke.
"Design work is completing, and we plan to start construction next year," said Abdullayev.
According to him, along with the 220-megawatt station existing in Petkim, the new plant will provide the electricity needs of the petrochemical complex, the new refinery and port. Construction of a new energy facility will enable SOCAR to some extent enter the electricity market in Turkey.
The alliance between SOCAR and Turcas Petrol /Injaz projects resulted in them winning a tender in 2008 to buy a 51 per cent stake in various chemical projects worth $2.04 billion. Now Turkey imports 70 to 75 per cent of its chemical products. Investments in the development of Petkim will reduce that figure by 30 per cent.
The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.