SOCAR invests $ 100 million into the Petkim in 2011.

Investments of The State Oil Company of Azerbaijan Republic (SOCAR) into the Petkim a Turkish petrochemical holding have made $ 100 million in 2011. It has been announced by Vagif Aliyev the Head of the Investment Company. A large container terminal will be built in The Petkim in order to increase volume production rates according to Mr. Aliyev. It is also planned to build a wind power that would meet all required needs concerning electricity needs.

A SOCAR representative has also said that the company has a license to build a refinery in the Petkim manufacturing area since 2010. Building works are in process. "The SOCAR represents Azerbaijan in domestic and abroad oil transactions quite adequately", - says Khalik Mammadov - the SOCAR vice president of human resources and informational technology. «SOCAR has successfully overcome the global financial crisis having reached a serious progress in foreign projects like in Turkey," - adds Mr. Mammadov.

Recall that the SOCAR has increased its share in the SOCAR-Turcas joint venture which controls the Petkim Petrokimya Holding (a Turkish petrochemical complex) up to 74% of shares. It was reported earlier that the NG Bank (Netherlands) had assigned $ 200 million loan to the SOCAR.

12 August 2011
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