Investments Of Socar To Exceed $18 Billion

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The state-run Azerbaijani company SOCAR Chairman Rövnag Abdullayev said that once their investments accomplished in Turkey would exceed $18 billion.

In his statement, SOCAR Chairman Rövnag Abdullayev said they, as SOCAR, trusted in Turkey and Turkish economy, once the investments are completed would exceed $18 billion, adding the investments were the biggest proof of their confidence. Marking when the projects in Turkey to be completed would support significantly reduction of energy gap and energy imports, he continued; “We believe that Turkey will take place in the leading countries of the world with its rooted state tradition, powerful democracy understanding and quick growing economy. After a short time, Turkey will strengthen its place more as the energy-bridge.” Indicating they would manage a comprehensive and intensive work for STAR Refinery, Abdullayev said, “The overall advancement rate of STAR Refinery has reached by 80% with spending $3,7 billion until now. Following the necessary infrastructure for machinery and equipment assembly, sending of heavy equipment which began as of December 2015 and completed in the mid of 2016. Tank constructions, machinery and equipment assembling might continue by late 2016 and during 2017, and we foresee STAR Refinery will enter into force in 2018. Our investments in this concept will exceed $18 billion in Turkey.” Reminding the works in Trans Anatolian Natural Gas Pipeline Project (TANAP) were continuing, he continued, “In order to secure finance for TANAP, we foresee a contribution worth $4 billion might be made for the project. Our negotiations continue for the project financing with the World Bank, Garanti Investment Agency, Asian Infrastructure Investment Bank, European Investment Bank and European Restructuring Developments Bank. Meanwhile 8 percent of 58 percent of Azerbaijan state’s 58 percent in the hand of South Gas Corridor Company in TANAP would be transferred to SOCAR Turkey. We have started the necessary enterprises with our partners. We anticipate the said transfer will be official in the next period.”

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