SOCAR to invest $10 bln in Turkish petrochemicals sector by 2020
BAKU. June 7. (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) plans to invest $10 billion in the Turkish petrochemicals and oil refining sector by 2020, the company's Vice President for Economic Affairs Suleiman Gasymov said at the Caspian Oil & Gas conference on Thursday in Baku.
"So far, the company has spent $2.04 billion to acquire a controlling stake in the Petkim petrochemicals complex. An additional $1.76 billion will be invested to develop the complex. As a whole, the company intends to invest $10 billion in the Turkish economy over the next seven to eight years, not counting investments in the Trans Anadolu Gas Pipeline (TANAP) construction project," he said.
The lion's share of these investments will be spent on constructing the Star Oil Refinery, he added.
SOCAR has invested 9.5 million euro to create a filling station chain (13 stations) in Romania. In Ukraine, it has invested $160 million to establish a chain of 66 filling stations (only 23 of which have started operating) and to purchase three oil depots.
Cumulative investments in the Georgian economy come to $686 million. "Of that amount, $400 million were spent to acquire the Kulevi terminal, roughly $110 million - to create a chain of filling stations, and $176 million - to secure long-term management over the gas distribution network," Gasymov said.
This year, SOCAR will spend $600 million to construct filling stations and develop the gas distribution network in Georgia.
SOCAR's plans include the construction of a $500-million urea plant in Georgia capable of producing 700,000 tonnes of nitrogenous fertilizers a year, as well as the construction of a 500-million-cubic-meter gas storage facility. The details and timeframes of this project have not yet been determined.