Expert: Turkey has huge expectations from SOCAR

Baku. 7 June. REPORT.AZ/ "The State Oil Company of Azerbaijan (SOCAR) makes big investments in Turkey.

After commissioning all projects of company in Turkey, there will be more talks about SOCAR in this country.

Report was told by Taylan Böyükşahin, economics and energy commentator of “Sözçü” newspaper in Turkey.

"Turkey meets demand for oil products mainly via imports.It costs tens of billions of dollars.In this regard, SOCAR's activities in Turkey are of particular importance", - T. Böyükşahin said.

He also noted that Turkey's chemical industry also has great expectations from SOCAR: “Turkey imports basic raw materials for the production of petrochemicals. The STAR Oil Refinery, built in Aliaga, Izmir, is expected to meet Turkey's demand for this raw material.As the production will be in Turkey, prices will fall.Continuous and stable price policy will make a significant contribution to Turkish industry”.

Notably, in 2008, SOCAR acquired Petkim from Turkey's Privatization Administration (51%) for 2.040 billion USD. SOCAR plans to invest up to $ 19.5 billion in Turkey by 2020. Since 2020, SOCAR's generation in this country is intended to be one of the three largest holdings of Turkey and one of the largest industrial holdings of SOCAR Turkey Energy. The company is currently Turkey's largest foreign investor. Most of the raw material (naphta) used in Petkim, only petrochemical complex in Turkey purchased from the market. After the launch of the STAR plant in the third quarter of this year, 100% of the raw material needs will be supplied from the plant.