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04.08.2016 15:48

SOCAR to continue investing in Turkey

Investments of Azerbaijan's state energygiant SOCARin the projects implemented in Turkey amount to $7.5 billion, Zaur Gahramanov, head of SOCAR Turkey Energy told Bloomberg. He said that SOCAR will continue to invest in projects realized in Turkey, regardless existing risks

SOCAR has invested $7.5 billion in Turkey and we will continue investing. Petrochemical products, which have an advantage over natural gas, are in high demand in Turkey, he said.

Earlier, SOCARs President Rovnag Abdullayev talking to Anadolu agency mentioned that the company has a full confidence in Turkey and will continue to implement projects and invest in the country.

SOCAR holds control packet of shares in Petkim petrochemical complex and is also involved in the implementation of the project on the construction of the Star Oil Refinery located in Izmir.

Star Oil Refinery, which will bethe first oil refinery built by the private sector in Turkey, is expected to be completed in 2018. The total cost of the project is estimated at $5.7 billion. It is expected to contribute significantly to the region's and country's economy by creating job opportunities and increasing competitiveness. Once completed, the Star refinery will be the first refinery to start operations in Turkey since 1972. The refinery is expected to be capable of refining Azeri Light, Kirkuk, and Urals oil grades.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operatingunder brand name of SOCAR Turkey. Petkim is a sole manufacturer of plastic packages, fabrics, detergents, and other petrochemical products in Turkey.

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