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.

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