With increasing Turkish-Azerbaijani energy cooperation, the State company of Azerbajdzhan Republic Republic (SOCAR) is making ready a new billion-dollar energy investment in Turkey in cooperation with British Petroleum (BP).
SOCAR's Turkey Chairman Vagif Aliyev emphasized the long-standing cultural bonds and brotherhood between Turkey and Azerbajdzhan Republic that contribute to the economic cooperation of both countries. Aliyev underlined that one of the most important projects of this cooperation is that the Trans Anatolian Natural Gas Pipeline (TANAP). 1.5 billion cubic meters of gas was carried to Turkey via TANAP. The second phase of the pipeline also reached the final stage and gas transmission started for testing purposes.
The gas transmission capability of the project will be raised to 24 billion cubic meters initially and to 31cubic meters with further investments later. Currently, SOCAR Turkey is evaluating the opportunities of cooperation with the Petroleum Pipeline Corporation (BOTAŞ). Aliyev stated: “TANAP is crucial for Turkey's energy provide security additionally as for economic cooperation. We tend to believe that Turkey has taken the mandatory measures in line with both the global developments and its own policies. In any case we will be always cooperating with Turkey."
The SOCAR chairman noted that the company's investments still concentrate on the Turkish petrochemical and refinement sectors with the new $1.8 billion petrochemical project.
Underlining that once the planned facility comes into operation, it'll eliminate Turkey's import of one million tons of refined terephthalic acid (PTA), Vagif aforesaid they'll begin manufacturing the 800,000 tons of foreign p-Xylene (PX) products in Turkey and aim to launch the new facility by 2023. Aliyev also stated they're cooperating with BP on a new investment they'll create within the Turkish petrochemical business, adding that the foundations of the facility are going to be arranged at the tip of this year or in 2020.
According to Aliyev, the fact that the plant are going to be set very near to raw material and infrastructure resources obtained from different SOCAR facilities can offer a good advantage in terms of competition. Stressing that Petkim, the only integrated petrochemical plant in Turkey, will meet solely 20 % of the market, Aliyev said, “We have a really good chance to extend this share. For this reason, petrochemical and refinement industries have the lion's share in our investments."
Last Updated: 16.5.2019 09:35:29