SOCAR Plans A New Investment

In September 2018, STAR Refinery will launch operation, also SOCAR is planning a new petrochemical investment in Turkey, according to the statement of Gahramanov, CEO of SOCAR

Briefing about their investment targets in Turkey, Gahramanov, CEO of SOCAR for Turkey, said they would made a decision for a new investment at the beginning of 2019 to make a new petrochemical complex construction in 2022.

Indicating in September 2018, SOCAR Turkey Aegean Refinery (STAR) would launch its operation, Zahur Gahramanov said; “We will made a decision for a new petrochemical investment at the beginning of 2019 and complete by the end of 2022.”

Marking the year 2017 was very well for SOCAR, he noted Petkim which is one of companies of the group set record in terms of production, income and profitability.

Reminding Petkim posted a profit worth TL1,4 billion in 2017, Gahramanov continued; “The all projects advance very well. Trans Anatolia Natural Gas Pipeline Project (TANAP) and STAR Refinery construction is continuing. In 2018, these constructions will end up and Turkey’s two big projects to which we have invested seamlessly in last 8 years will be completed. The first gas stream in TANAP will reach Turkey in July. In September, STAR refinery will start production.”

Reminding the tranche worth $12,6 billion of the totally $19,5 billion which had been planned for investment in Turkey, Gahramanov said, “When our continuing projects completed this investment amount will reach by $16,5 billion. The rest tranche worth $3 billion for the new investments, we will realize in the years 2018, 2019 and 2020.”

“We fulfill our investments with long-term strategies believing Turkey”

Apart from the current projects, they also had new plans, Gahramanov recorded; “Turkey is a very well market for the Petrochemical market. We are working on new investments in this area. There is also great support of the government. In the beginning of 2019 making a new investment decision we are planning a new petrochemical complex by the end of 2022. As SOCAR, our all projects directed towards to close the current account deficit. Both STAR Refinery and TANAP and our new planned petrochemical complex are being entered into force as the investments to contribute billions of dollars to close the current account deficit.”

He added that they would make their investments complying with their long term strategies believing Turkey.

Zaur Gahramanov said they exported nearly 50 percent of Petkim production, but the production of STAR Refinery would be distributed in Turkey.

When they would work with full capacity in 2019, the turnover would exceed $12 billion; he added currently they had nearly 5 thousand employees, once ongoing constructions finish the job number to reach by 7 thousand units in their group.

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