SOCAR and Turcas to invest $10 bln in Turkey's Petkim petrochemical complex over 10 years
BAKU. Nov 28 (Interfax) - Investment in the development of Turkish petrochemical facility Petkim Petrokimya Holding, which is controlled by the Azeri-Turkish joint venture SOCAR/Turcas, will come to $10 billion by 2023, Petkim's general director and director of the SOCAR/Turcas Group, Kenan Yavuz, said at a business forum in Baku on Monday.
Vagif Aliyev, the head of the investment department at SOCAR (State Oil Company of the Azerbaijani Republic) said that Petkim's current stake on Turkey's petrochemical market comes to 25% but should increase to 40% in the future.
"Azerbaijan has already secured its own energy security and plays an important role in ensuring the region's energy security," he said.
It was earlier reported that investment in the development of the Petkim Petrokimya Holding in January-September 2011 came to $63 million.
At the end of 2006, SOCAR and Turcas formed the JV SOCAR/Turcas for implementing investment projects in oil refining, the petrochemical sector and natural gas trading in Turkey. The JV is the owner of a 51% stake in the Petkim Petrokimya complex.