SOCAR names amount necessary for return on investment in Turkey

SOCAR Turkey, a subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Turkey, expects to get $1 billion in revenue on EBIDTA by the results of its activity in 2021, SOCAR Turkey General Director Zaur Gahramanov said as he met with representatives of Azerbaijani media at the company's office in Istanbul, Report informs.

"By the results of 2021, we expect EDIBTA on the level of $1 billion against $630 million in 2020," Gahramanov said.

He noted that nearly $750 million is needed for the return on the company's investment in Turkey. It means that the revenue received by the company helps it pay the loans and earn.

SOCAR Turkiye Enerji was created in late 2006 to implement investment projects in oil refining, petrochemical spheres, and natural gas sales in Turkey.

SOCAR Turkiye Enerji owns a controlling 51-percent stake of Turkey's major petrochemical complex Turkey Petkim Petrokimya Holding. The company has also built an oil refinery STAR, the third-largest oil refinery in Turkey, a container terminal, a power plant, and is also engaged in the supply of gas to the domestic market, the supply of petroleum products to aircraft refueling points at the airports of several major cities in Turkey.