Turkish Forum

Tag: SOCAR

  • Azerbaijan’s SOCAR sees $17B Turkey investments

    Azerbaijan’s SOCAR sees $17B Turkey investments

    socarBAKU, Azerbaijan — Azerbaijan’s state oil and gas company says it plans to invest up to $17 billion in energy projects in neighboring Turkey over the coming eight years.

    SOCAR vice president Suleyman Gasimov said Thursday that investments will include $5.5 billion on a new refinery and $800 million on a power station.

    Another major, still-unconfirmed goal mentioned by Gasimov is the construction of the proposed Trans-Anatolian natural gas pipeline, which Azerbaijan hopes could be used to carry gas from its Shah Deniz offshore field to Europe. Under current plans, Azerbaijan would take a lead in the project, known as TANAP, and provide several billion dollars for its completion.

    SOCAR is investing aggressively overseas, in countries like Turkey and the former Soviet republics, as it tries to diversify its sources of revenue.

    via Azerbaijan’s SOCAR sees $17B Turkey investments – Wire Business News – The Sacramento Bee.

  • Socar to Build Turkey’s Largest Container Port, ANS Reports

    Socar to Build Turkey’s Largest Container Port, ANS Reports

    SocarState Oil Co. of Azerbaijan, known as Socar, and Petkim Petrokimya Holdings AS plan to build Turkey’s largest container port at a cost of $400 million, Socar President Rovnaq Abdullayev told the ANS television channel.

    The port will help cut transportation costs, Abdullayev said late yesterday.

    There are also plans to build a power station with an estimated cost of $1.2 billion, he said. The power plant will generate electricity for the Star oil refinery that’s under construction in Turkey’s Aliaga region and also for Turkish consumers, according to the company’s president.

     

     

    Bloomberg

  • SOCAR canceled refinery construction in Turkey

    SOCAR canceled refinery construction in Turkey

    OCAR canceled refinery construction in Turkey

    48086Baku, Fineko/abc.az. State Oil Company of Azerbaijan (SOCAR) has reconsidered terms of construction start of new oil-refinery in Aliaga region(Izmir,Turkey) for the needs of Petkim Holding.

    SOCAR President Rovnag Abdullayev has stated that refinery construction will start in October 2011. As early as in June he told of the refinery’s fundament laying in September.

    At that the refinery capacity has not changed (10 million tons a year) and the cost of project is estimated at в $5 bn. According to R. Abdullayev the construction will finish in 2015.

    Austrian OMV which recently became main owner of Turkey’s largest gas station network, Petrol Ofisi, has already expressed interest for purchase of oil products from the refinery.

    This refinery in Aliaga will enable SOCAR to enter with its petroleum products in the markets of Romania, Turkey and the Mediterranean countries.

    Earlier joint venture SOCAR-Turcas got from EPDK (Turkish energy market regulator) a license for construction of the refinery.

    The enterprise will process 214,000 barrels of oil per day. Due to it, Petkim will expand activity and import of chemical production in Turkey will drop by 30%.

    Earlier, Kenan Yavuz, executive director of SOCAR-Turcas (owns 51% of Petkim’s shares), said that with new Aegean refinery’s capacity of 10 million tons of oil a year it would be possible to create about 1,000 jobs and its construction would involve 7,000-10,000 people.

    EPDK head Hasan Koktas emphasized that for the first time the Company applied for licensing in December 2008, and the license was granted on the basis of comprehensive analysis.

    via Azerbaijan Business Center – SOCAR canceled refinery construction in Turkey.

  • SOCAR interested in Turkish gas distribution lines

    SOCAR interested in Turkish gas distribution lines

    The State Oil Company of Azerbaijan (SOCAR) is interested in purchasing gas distribution networks in Turkey.

    socarVagif Aliyev, head of SOCAR’s investment department and chairman of the board of directors of Turkey’s petrochemical giant Petkim, made the remarks to Hurriyet newspaper.

    He said SOCAR-Turcas was turning into a very strong energy holding: “We have very many projects, why not cooperate in the gas distribution sphere? I admit that today we are interested in such networks in Turkey as Bashkent Gaz and IGDAS (Istanbul’s gas distribution network).

    SOCAR is already involved in modernizing the gas distribution network in the Georgian town of Poti and has stated its interest in bidding for Georgia’s gas network as a whole, should it be privatized.

    Vagif Aliyev told Hurriyet that investments in Turkey were among SOCAR’s largest investments abroad.

    “We have made huge investments in the Petkim petrochemical complex and we do not want to stop at this, we have many plans. If a tender is declared for the purchase of the IGDAS gas distribution network, we want to take part in it,” he said.

    Vagif Aliyev dismissed as false comments in a US diplomatic cable published by WikiLeaks that Azerbaijan had sold gas to Russia to prevent Turkey becoming a gas distribution hub.

    “Azerbaijan has never said it does not want to see Turkey as an energy centre. Can a brother say this against his brother? We have always been happy about Turkey’s success and viewed it as our own,” Aliyev said.

    “As for our relations with Turkey, we have never concealed that Azerbaijan wants to sell its gas with a higher profit. Yes, we are brothers, but brotherhood and trade are different things. And we were glad to find a mutually acceptable solution,” Aliyev said.

    1news.az,  Hurriyet

  • Azerbaijani-Turkish holding to build petrochemical enterprise in Iran

    Azerbaijani-Turkish holding to build petrochemical enterprise in Iran

    Azerbaijan, Baku, April 23 Trend Capital

    moz screenshot 13plant_petkimThe Turkish petrochemical holding Petkim whose 51 percent of stakes belong to the State Oil Company of Azerbaijan Republic (SOCAR) in alliance with Turcas will build a petrochemical plant in Iran which will produce methanol and polyethylene. Turcas Board of Directors Chairman Erdal Aksoy said, Petkim’s official Web site reported.

    The Turkish Petkim company and the National Petrochemical Company of Iran signed a contract to construct the plant. A joint enterprise with 50/50 stakes will be formed with this purpose.

    Capacity of methanol producing plant is 1.6 million tons per year and polyethylene – 300,000 tons.

    Aksoy said the holding is interested in implementing projects in other countries. The negotiations are being held with Egypt and Saudi Arabia.

    Forming the enterprise in Iran is explained with low cost of raw material (gas) in the Persian gukf countries and low cost of power.

    Earlier, SOCAR in alliance with Turcas Petrol and Injaz Projects possesses 51 percent participation share in Petkim. Turkey currently imports 70-75% of the necessary chemical products, but developing Petkim, the investment alliance SOCAR/Turcas/Injaz will provide an opportunity to increase the import up to 30%.

    Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is the only producer of these goods in Turkey exporting the fourth part of the output.

    SOCAR intends to by 2015 increase the volume of the incomes of this enterprise to $4 billion from $1.9 billion today. Now the production capacity of this holding is 3.2 million tons. By 2015 this index will grow to 6.3 million tons. Today the needs of Turkey for the petrochemical production equal $6.1 billion, and this demand will annually grow 11-12 percent. Today the production of Petkim covers nearly 25 percent of the market of Turkey.

    As a result of the measures planned to be taken, the production of Petkim will cover 40 percent of the Turkish market. SOCAR invested approximately $2 billion in the development of petrochemical complex.

    Do you have any feedback? Contact our journalist at capital@trend.az

    Source: capital-en.trend.az, April 23 2009