SOCAR to make FID on $7B expansion plan in Türkiye by 2026-end

State Oil Company of Azerbaijan (SOCAR) will make a final investment decision (FID) on its expansion plan in Türkiye by the end of 2026, Report informs referring to the international rating agency Fitch.

The decision concerns an ambitious $7 billion program presented by the company at the beginning of 2025.

The project envisages the construction of new production facilities in Türkiye aimed at reducing the country's dependence on polyolefin imports and enhancing its overall industrial capacity, Fitch noted.

Earlier, head of SOCAR Turkiye Enerji's refining and petrochemicals business unit Kanan Mirzayev said that the plan involves both expanding the capacity of existing facilities and constructing new plants.