SOCAR gets first certificate on strategic investment incentive
Baku, December 6 (AZERTAC). The Ciragan Palace of Istanbul has hosted presentation of the first certificate on strategic investment encouragement of the Turkish Republic.
The ceremony was attended by Azerbaijani and Turkish officials and media representatives.
It was noted that within the new law on “Investments Incentives Act”, adopted by Turkish Grand National Assembly, the biggest companies investing in this country will be presented this certificate.
During the ceremony, Turkish Economic Minister Zafer Chaglayan stated that the first certificate was presented to State Oil Company of Azerbaijan Republic (SOCAR) and presented the document to SOCAR`s President Rovnag Abdullayev.
In his speech, the Minister expressed his confidence that the STAR oil refinery laid on 25 October 2010 in the Izmir Aliaga Province with participation of the President of Azerbaijan Ilham Aliyev and Turkish Premier Recep Tayyip Erdogan, would play an important role in strengthening ties between the two fraternal countries.
He also stressed the importance of the plant in development of Petkim Oil Company and strengthening of Turkish economy.
Head of SOCAR-Turkey Enerji A. Ş. Kenan Yavuz spoke about the measures on extension of Petkim Company and noted that new Oil Refinery Plant to have 10 mln tones of annual capacity, would eliminate the dependency of Petkim on raw material, increase the productivity and competitiveness. SOCAR‘s goal is to change the Petkim peninsula to a production complex owning oil refinery, oil chemistry, energy and logistics integration.
Speaking about TANAP pipeline, Yavuz noted that with this project, SOCAR’s investments in Turkish economy would reach $17 bln within 2008-2018 and SOCAR would be the greatest investor in Turkish economic history.
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