SOCAR Turkey to increase investments

SOCAR Turkey to increase investments

ANKARA - Anadolu Agency
SOCAR Turkey to increase investments The chairman of SOCAR Turkey, the Turkish branch of the Azerbaijani state oil company, has emphasized it will continue to invest in the country despite the July 15 failed coup attempt, while also reaffirming the company’s commitment to Turkey.

In a written statement to Anadolu Agency, Vagif Aliyev, chairman of the board of SOCAR Turkey, expressed his condolences to those who died in the failed could attempt which took place on July 15 and stressed the event would not damage investments in the country. 

The company’s investments in the country totaled over $18 billion, with projects which will help Europe meet its energy needs, Aliyev said.      

He added that investments in Turkey would continue unhindered, adding that as Turkey was home to over 40,000 of the company’s employees, it had a responsibility to do so.

He underlined the commitment of both SOCAR Turkey and its various international investors and partners.      
“I want to stress that our partners are as determined as we are and trust in Turkey’s economy and stability,” Aliyev underlined.       

Aliyev also hailed the solidarity that the Turkish people showed in their reaction and support to stem the coup attempt.       

At least 240 people, including both members of Turkey’s security forces and civilians, were killed during the failed coup, and nearly 1,500 others were wounded.       

Since then, supporters have reacted to the coup plot by taking to the streets to show their solidarity with the country. 

Aliyev explained that SOCAR Turkey would complete Turkey’s first private sector oil refinery, known as STAR, in the Aegean province of İzmir in 2018. 

“We will start operations in the refinery, which will be a significant tool for reducing the country’s current account deficit,” he said.      

Additionally, Aliyev said SOCAR Turkey subsidiary Petkim, which was founded in 1965 as the first petrochemical plant in Turkey and sold to SOCAR Turkey during a privatization tender in 2008, was a symbol of the trust the company has in Turkey.