SOCAR plans to invest in second petrochemical plant in Turkey

06-Jun-17

The State Oil Company of Azerbaijan (SOCAR) is planning to increase its investments in Turkey, and has announced plans to set up a second Petkim plant, as per www.dailysabah.com. The Azeri energy giant is planning to invest $18 billion in Turkey by 2020.
SOCAR Turkey Chairman Vagif Aliyev said that they will produce solutions to imports with their "chemical park" investment. According to Hürriyet daily's report, SOCAR Turkey Chairman Aliyev said that they are working on a new investment for petrochemical products on Petkim Peninsula, as well as holding talks with the government that lean towards the issue, adding that the new plant could be a second Petkim.
Noting that the amount of investment is not clear but will be around US$3 bln, Aliyev stated that there is no room for a new capacity increase at Petkim. "The new investment should be near Petkim. We are currently engaging in talks with the government to evaluate this within the scope of strategic investment. This will give us a great advantage," he added.