BAKU, Azerbaijan, March 19. The State Oil Company of Azerbaijan (SOCAR) plans to implement new investment projects in the petrochemical sector of Türkiye, the General Director of SOCAR Türkiye Energy (a subsidiary of SOCAR - STEAS) Elchin Ibadov told Turkish media, Trend reports.
"We'll be developing new projects in the petrochemical sector, which is one of the important components of Türkiye's energy. With our knowledge and experience, we are working on a master plan that evaluates investment alternatives. We aim to begin the identification and implementation of an alternative in the coming months, which, as we believe, will provide the most accurate and effective contribution for our countries," said Ibadov.
He added that STEAS will strategically invest in its key
businesses, petrochemicals and oil refining, in order to raise its
production capabilities, commercial, and operational competences to
the greatest levels in line with the roadmap.
Ibadov emphasized the implementation of initiatives including fuel
storage, logistics, and increased exports of natural gas and power,
as well as international trade in petrochemical products.
Regarding activities in Türkiye's gas sector, he stated that STEAS plans to concentrate on investments in the Turkish regions where it now operates in order to guarantee the efficiency and consistency of gas supplies. Additionally, it plans to extend distribution networks in accordance with the demands of its clientele.
The number of projects on energy efficiency and decarbonization will also increase through the development and implementation of environmentally friendly products in Türkiye. The process of digitalization will persist in tandem with endeavors to update and enhance manufacturing procedures.
Ibadov added that since 2006 (the start of STEAS's operations), the total volume of investments in Türkiye has amounted to $18.3 billion.
Meanwhile, SOCAR Türkiye Energy (SOCAR's Turkish subsidiary) is the owner of a controlling stake in Petkim Petrokimya Holding, Türkiye's petrochemical complex.
The company also built the STAR oil refinery, a container terminal, and a power plant. It also supplies gas to the domestic market and petroleum products to aircraft refueling points at airports in a number of large cities in Türkiye.
