Azernews - The volume of investment by Azerbaijan's energy giant SOCAR in Turkey's economy will reach USD 5 billion by late 2014, Executive Director of SOCAR Energy Turkey, Kenan Yavuz, said.
"To date, some USD 3.5 billion has been invested in the projects in Turkey and this figure will reach nearly USD 5 billion by late 2014," Yavuz told journalists.
He noted the investments made in the privatization of Petkim Petrochemical Complex in 2008, which stood at USD 2.5 billion, and USD 900 million spent for the ongoing implementation of the Star refinery project in Izmir, adjacent to Petkim site in Aliaga, Izmir. The refinery is planned to be commissioned in late 2017.
Yavuz went on to say that the construction work of a new container port in the territory of the Petkim Petrochemical Complex was also underway. It is planned to become operational in August-September, 2015. Moreover, a wind power plant will be put into operation in 2015.
Yavuz said the total investment portfolio of Azerbaijan's state oil fund SOFAZ in Turkey, including the Trans-Anatolian Gas Pipeline Project (TANAP), is USD 20 billion.
Azerbaijan and Turkey's economic cooperation has reached a high level. SOCAR is one of the world's most established oil companies, active in Turkey since 2008. SOCAR is involved in a number of major investment projects in Turkey, including the construction of TANAP, Star refinery, and others.