Turkish expert: “Turkey and Azerbaijan will have their say in the region”

Baku. 24 October. REPORT.AZ/ STAR Oil Refinery is very important for Turkey, Finance Editor at Haberturk newspaper Rahim Ak told Report.

"We have not seen such an investment in Turkey’s real sector for years. These investments are made by the State Oil Company of Azerbaijan (SOCAR) and make us very happy. Completion of investment at the promised time shows the importance attached by SOCAR and Azerbaijan to investment in Turkey," he said.

According to Ak, the refinery shows that Azerbaijan and Turkey want to be influential in the region: "These are significant projects to be influential in the region. These investments will produce effect in a short run."

He noted that the plant will reduce Turkey’s energy import by $1.5 billion: "Generally, SOCAR’s investments make up nearly $5 billion, which are equal to half of total energy costs. SOCAR’s activity and investments in fields, which Turkey is in need most, arise from historical ties. These ties form these investments and ensure provide their implementation."

According to the expert, these investments will raise employment among Turkey’s population and prevent their dependence on abroad: "Launch of STAR Refinery in such a short period shows that Azerbaijan will continue investing in Turkey. I think the investments will increase up to $100 billion from 20 billion and switch to a level that would allow to have their say in the region in terms of policy."

The Turkish expert hopes that SOCAR’s investments will reduce outflow of currency from the country: "SOCAR’s projects in Aliaga, Izmir complement one another and reduce each other's costs. We can accept it as a beginning of Turkey’s transformation into an energy hub.