SOCAR’s investment in Turkey tops $18 billion

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SOCAR’s investment in Turkey tops $18 billion

Rovnaq Abdullayev, SOCAR’s president, stated that when the company’s $18 billion investments in Turkey are completed, they will contribute much to help Turkey reduce energy imports and its current deficit. “We are happy with this contribution, and our cooperation with Turkey will grow further and the chain of investments in Turkey is proof of our trust in the Turkish economy,” he noted.

For one of the company’s biggest investments in Turkey, the STAR Refinery -Turkey’s first private sector refinery – $3.7 billion has been spent so far and 80 percent of the project is complete. “We foresee that STAR will be operational by 2018,” he emphasized.

Abdullayev also highlighted that works on the Trans Anatolian Natural Gas Project (TANAP), in which SOCAR has a majority stake, are ongoing while the company is still in negotiations with international banks for external financing for the project. “Although it is not definite yet, we predict that around $4 billion in support will be created for TANAP,” he announced.

Negotiations are being carried out with the International Bank for Reconstruction and Development (IBRD), Multilateral Investment Guarantee Agency (MIGA), Asian Infrastructure and Investment Bank (AIIB), European Investment Bank (EIB) and European Bank for Reconstruction and Development. Abdullayev also said that 8 percent of the Southern Gas Corridor Company’s 58 percent share in the TANAP project will be transferred to SOCAR Turkey. “We started the necessary works for our shareholders, and we expect that this transfer will be formalized soon,” he said.

SOCAR, as a significant player of a $45 billion gas value chain including the Southern Gas Corridor, aims to become a new and reliable natural gas supplier for Europe.

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