The State Oil Company of the Azerbaijani Republic (SOCAR) plans to invest $17 billion rubles in Turkey by 2018, head of SOCAR Turkey Energy and board member of Petkim, Kenan Yavuz, said on Tuesday, Trend reports.
He noted that $9 billion will be invested in territorial development, including construction of a refinery, a power plant (worth $1 billion) a container port ($300 million). The rest will be invested in TANAP. Construction of the refinery is about to start.
The refinery will have an output of 10 million tons using Petkim fuel.
Socar Turkey Enerji A.Ş and SOCAR International DMCC OGG purchased 10.32% of Petkim shares on March 30, increasing its share to 61.32%. 38.67% are under free-floating of the Istanbul Stock Market.
