Elchin Ibadov: Downstream sector experiencing exciting wave of transformation

The downstream sector is experiencing an exciting wave of transformation as sustainability and innovation take center stage, Elchin Ibadov, CEO of SOCAR Türkiye, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), wrote on Linkedin.

“One key development catching my attention is the integration of carbon capture and utilization (CCU) technologies within refining and petrochemical operations,” Ibadov stated.

He added that these advancements allow refineries to not only reduce emissions but also convert captured CO₂ into valuable products, such as synthetic fuels and chemicals. This innovation is reshaping the downstream landscape by combining profitability with environmental stewardship—a true win-win for the industry.

“At SOCAR Türkiye, we are proud to explore and adopt such forward-thinking solutions. As the largest foreign investor in Türkiye, our focus remains on delivering value while championing sustainability across our operations. The potential for low-carbon refining and enhanced efficiency in petrochemical production reinforces our commitment to a greener, smarter energy future.”

The CEO highlighted that downstream is no longer just about production—it’s about transformation, responsibility, and innovation.

SOCAR Türkiye estimates investments in the creation of new petrochemical facilities in Türkiye at $7 billion. In 2025-2026, work will be carried out to prepare the Front-End Engineering Design (FEED), which will require about $50 million in investments.

The volume of investments by the State Oil Company of Azerbaijan (SOCAR) in Türkiye has exceeded $18.5 billion over 17 years of operations in this country. SOCAR Türkiye structure includes 32 companies.

The repair and modernization works at the STAR Refinery in 2024 were successfully completed, taking the plant's oil processing capacity to over 13 million tons per year. STAR Refinery is Türkiye's largest oil refining facility. It covers 18% of Türkiye's petroleum products needs.