The Azerbaijan State News Agency

In 2008-2018s, investments of SOCAR in Turkey, including investments in the TANAP project, will exceed $20 billion

Baku, September 1, AZERTAC

The consolidated turnover of SOCAR Turkey Enerji will reach $15 billion in 2018, Kenan Yavuz, the head of the SOCAR Turkey Enerji, told journalists.

He said the Company will become the second largest industrial company in Turkey by 2018 with 5,000 employees and $3 billion worth of export potential, and it aims to become the largest industrial company of Turkey by 2023.

"To date, investments of SOCAR in Turkey's economy have exceeded $10 billion as part of the Value-Site project in the Petkim Peninsula. In the period from 2008 to 2018 investments of SOCAR in Turkey, including investments in the TANAP [Trans-Anatolian pipeline] project will exceed $20 billion. Thus, SOCAR is the largest investor in Turkey's economy. The total investment portfolio of SOCAR in Turkey amounts to $20 billion," Yavuz noted.

He also noted Turkish Petkim Petrochemical Complex has increased its production capacity from 3.2 to 3.6 million tons per year.

Petkim Petrochemical Complex, which includes 15 major factories and seven auxiliary units, manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of such products.

A quarter of Petkim's products are exported to foreign markets.

SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim on March 30, 2012, increasing SOCAR's stake in the company to 61.32 percent; some 38.67 percent is in free circulation on the Istanbul Stock Exchange.

Yavuz went on to add that Petlim container port in Turkey's Izmir city will start receiving containers in January 2016.

"Petlim container port will become the third largest port in Turkey and the largest one in the Aegean Sea. It will be able to receive the largest container ships carrying up to 11,000 containers. Some $400 million was invested in the construction of the port, some $300 million of which was invested by Petkim", Yavuz added.

The initial capacity of the port will be 1.5 million TEU (twenty-foot equivalent unit), which will be increased to four million TEU in the future. Its capacity will exceed the capacity of Aslandzhak port by about 50 percent.

The Dutch company APM Terminals, one of the world's leading port operators, will enjoy the right to manage the port for 28 years while the port will belong to Turkey.

"SOCAR Turkey Enerji plans to start production at the Star refinery in March 2018" Yavuz further said.

The cost for building Star refinery is estimated at about $5.6 billion and will be completed in 2018.

"Some $3.2 billion was invested by 23 international and local banks, and 2.4 billion by SOCAR. In addition, it is expected that Petkim will acquire a stake of about eight percent in Star refinery"

"As of today, some 29 percent of construction work has been completed. The volume of investment amounts to $2 billion. About $300 million of this amount was paid by the banks at the expense of project financing. The refinery will employ around 10,000 people at the investment phase until the end of 2017. The start of production at the plant is planned in March 2018. After commissioning 1,000 people will be provided with jobs on a permanent basis," Yavuz said.

Once completed, the Star refinery will be the first refinery to start operations in Turkey since 1972. This project will process an estimated 10 million tons of crude oil per year and is expected to dramatically reduce Turkey's dependence on foreign energy imports.

Star refinery will be capable of refining Azeri Light, Kirkuk, and Urals oil grades. The refinery is mostly intended to create a resource base for Petkim Holding.

The annual naphtha production volume used by Petkim as the main raw material, will hit 1.66 million metric tons at the Star refinery.

Share news on social media

Follow us on social network

Explosion near security vehicle claims lives of four personnel in Pakistan

Azercosmos embarks on collaboration with Monacosat S.A.M.

Azerbaijan, European Volleyball Confederation discuss cooperation

® Kapital Bank warns users to stay alert: Unlicensed software poses serious cybersecurity risks

Revolutionary AI-powered blood test for cancer enters NHS trials

Türkiye detains 210 suspects in nationwide anti-IS operations

Azerbaijani Para taekwondo fighter claims bronze at President’s Cup in China

Belgium signals F-35 fleet expansion amid transatlantic sparks

® Entrepreneurs can now get loans without visiting the bank – A new partnership between “SİMA İmza” and Yelo Bank

® JTI launches Ploom in Azerbaijan

Days of Azerbaijani Culture in Kyrgyzstan concludes with grand festivities

President Ilham Aliyev visited Church of the Immaculate Conception of the Blessed Virgin Mary in Baku, offered condolences over death of Pope Francis

FM Bayramov: Azerbaijan’s landmine problem poses a serious threat to the entire region

President Ilham Aliyev received OSCE Secretary General VIDEO

President Ilham Aliyev received OSCE Secretary General VIDEO

Bulgaria and Romania sign agreement for joint procurement on Fast Danube 2 project

Azerbaijani kickboxers ready for action at Latvia Open 2025

European Union is Azerbaijan's largest trading partner, says EU High Representative

Foreign Minister: EU High Representative`s visit to Azerbaijan is a great opportunity for the prospects of our relations

Kaja Kallas: Azerbaijan is an important partner in the region

Jeyhun Bayramov: Armenia's rapid militarization remains source of regional threat

Minister: It is crucial to eliminate claims in the Armenian Constitution against Azerbaijan`s territorial integrity

® Prospects for cooperation discussed between with Florence Nightingale Hospitals Group at Central Customs Hospital

Massive fire breaks out in New Zealand's largest city

Turkish & Azerbaijani Diasporas hold peaceful rally in Washington D.C. against myth of "Armenian genocide"

President Ilham Aliyev received EU High Representative and Vice-President of European Commission Kaja Kallas VIDEO

President Ilham Aliyev received EU High Representative and Vice-President of European Commission Kaja Kallas VIDEO

Representatives of Azerbaijani and Uzbek defense ministries meet in Baku

Aygun Aliyeva: Global South NGO Platform is another innovation COP29 brought to the country

Kuwait crude oil down to US$70.38 pb

Azerbaijan, China discuss prospects for judicial cooperation

About 140 countries welcome initiative to establish Global South NGO Platform

Baku to host IATA's Aviation Energy Forum for the first time in the Caucasus

Oil prices surge in global markets

Harvard in talks to sell & 1 billion in private equity holdings amid President Donald Trump`s threats: Report

Japan unveils emergency economic steps to curb impact of U.S. tariffs

Neuroscientists show movies 'play out' as an oscillatory symphony in the brain

316 Venezuelan migrants return home from Mexico

Police aircraft crashes in Thailand, killing 6

BHOS Rector Elmar Gasimov meets with Rector of Sabanci University

Azerbaijani oil price rises in global markets

Global review identifies best treatments for neuropathic pain

NGOs from over 110 countries to gather in Baku for the Global South NGO Platform

Documents related to the shooting down of an Azerbaijani helicopter by Armenian armed forces examined in court VIDEO

Documents related to the shooting down of an Azerbaijani helicopter by Armenian armed forces examined in court VIDEO

Alper Gezeravcı: Azerbaijan poised to become key player in space ecosystem

Azerbaijani servicemen to participate in “KURTARAN-2025” exercise

Victim recounts day of Shusha’s occupation: “At that time, bombs fell like rain”

Pakistan closes airspace with immediate effect for all Indian-owned and operated airlines: National Security Committee

® Azercell expands access to its collection of audiobooks

® Special gift from Nar for the OneRepublic concert: Be the closest to the stage!

Azerbaijan’s judoka clinches bronze at European Championships

Massive icebergs once roamed off coast of UK

Chinese Foreign Ministry spokesperson: Mutual visa exemption agreement will deepen China-Azerbaijan comprehensive strategic partnership

Azerbaijan names Para taekwondo athletes for 7th WT President's Cup Asian Region

International travelers visit Aghdam city

MonacoSAT Company eyes cooperation with Azercosmos

® Organized by PASHA Holding, the INMerge Innovation Summit returns to Baku in 2025

Documents on events preceding Shusha occupation examined at Baku Military Court

Azerbaijani Army serviceman successfully completes NATO Regional Cooperation Course at NATO Defense College

“MacroFrontiers 2025: 3rd International Scientific Conference on Macromolecular Compounds” kicks off at ASOIU

Khankendi to host 17th ECO Summit

Azerbaijani culture highlighted during intellectual exchange with League of Moroccan and African Women Writers at SIEL

Azercosmos, Turksat ink Memorandum of Understanding

Speaker of Milli Majlis to attend funeral of Pope Francis

President of European Volleyball Confederation visits Alley of Honor

BHOS hosts opening ceremony of 6th International Student Research and Science Conferences

Baku hosts presentation of book "The Wisdom Box" celebrating 100th anniversary of People's Poet Bakhtiyar Vahabzade

AZAL launches flights to two popular summer destinations

International travelers tour Khankendi city

Real Madrid beats Getafe 1-0 in Spanish league ahead of Copa del Rey final against Barcelona

Erdoğan boasts of Türkiye's ability to host any major sporting event

President Ilham Aliyev concluded state visit to China VIDEO

President Ilham Aliyev concluded state visit to China VIDEO

AI and digitalization are transforming safety and health at work

New Azerbaijan Party delegation visits People's Republic of China

Summit of Experts held at the Central Customs Hospital

Azerbaijan`s three-fold Para champion to compete for glory at World Series USA 2025

3 dead, 10 injured in multiple-car crash in Philippine capital

Trump signs orders on university accreditation, foreign gifts

Milan thrashes Inter to spoil its treble dream

International travelers tour Shusha city

® AzInTelecom participates in Space Technologies Conference

Magnitude 3 quake hits Azerbaijan’s Ismayilli district

Tens of thousands gather as Pope Francis lies in state at St Peter's Basilica

Bulgaria, Serbia, Montenegro participate in Training Companies Exhibition 2025 in Plovdiv

Vice-President of Heydar Aliyev Foundation Leyla Aliyeva visits Chinese National Human Genome Center

AFAD records 266 aftershocks after 6.2 magnitude Istanbul quake

China reveals Shenzhou 20 astronaut crew launching to Tiangong space station

Azerbaijan Army holds paramilitary cross championship

Leyla Aliyeva meets with students at Beijing Foreign Studies University

Delegation from China University of Petroleum visits Baku Higher Oil School

International travelers arrive in Azerbaijan’s Fuzuli district

President Ilham Aliyev's state visit to China in world media spotlight

Azerbaijani and Turkish filmmakers to explore co-production opportunities at Istanbul cinema days

New technology developed for H2 production from sugarcane waste and sunlight

After twenty hours, Israeli firefighters bring wildfires under control

International travelers kick off visit to Azerbaijan’s Karabakh region

Space Technology Conference kicks off in Baku

Baku’s Black Gold: The Boom That Captivates Britain

Uzbekistan-Afghanistan-Pakistan likely to sign Railway Line Project

Forum of Think Tanks from Central Asia and the Gulf Cooperation Council

President Ilham Aliyev was interviewed by China's CGTN television channel in Beijing VIDEO

President Ilham Aliyev was interviewed by China's CGTN television channel in Beijing VIDEO

Former UK Ambassador hails Azerbaijan’s role in Trans-Caspian connectivity