SOCAR Türkiye plans to invest $7 billion in petrochemical facilities across the country, executives from the Azerbaijan-based company announced on Monday.
Speaking at a press conference in Istanbul, SOCAR Türkiye’s Refinery and Petrochemical Business Unit President Kenan Mirzayev emphasized the company’s significant goals in the petrochemical sector.
“We are planning approximately $7 billion in investments to establish new petrochemical facilities in Türkiye. These investments aim to reduce the country’s dependency on imports in the petrochemical sector,” Mirzayev stated.
SOCAR’s natural gas investments
SOCAR Türkiye CEO Elcin Ibadov highlighted the company’s status as the largest foreign investor in Türkiye, with a total investment volume of $18.5 billion.
Focusing on their work in Türkiye’s natural gas sector, Ibadov said, “We have invested a total of $209 million in Kayserigaz and Bursagaz through our operations in Kayseri and Bursa. Our network lengths and subscriber numbers are rapidly increasing. SOCAR Türkiye contributes to the national economy by employing more than 10,000 people.”
Ibadov also underscored the company’s commitment to environmentally friendly projects, adding, “We have developed a roadmap for sustainable development. One of our main goals is to produce eco-friendly aviation fuel, which can be derived from algae or household oils. We are actively conducting research and development efforts to achieve this goal,” he noted.
EXCERPT: Türkiye’s largest foreign investor seeks to reduce Türkiye’s dependency on imports in the petrochemistry, the company’s executives remark
