Azerbaijan's SOCAR sees $17B Turkey investments

AP News
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Posted: Jun 07, 2012 10:12 AM
Azerbaijan's SOCAR sees $17B Turkey investments

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.