SOCAR announces plans to invest in Turkey

SOCAR intends to become the largest foreign investor in Turkey with an investment volume worth $17 billion by 2018, Today's Zaman reports. During an interview with Today's Zaman SOCAR head Rovnag Abdullayev said his company's investments have contributed to the strengthening of relations between Azerbaijan and Turkey. "The implementation of such projects as the Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Erzurum gas pipeline and the Baku-Tbilisi-Kars railway has enhanced relations between the two countries to a strategic partnership level." Abdullayev stated.

Abdullayev added that bilateral relations will be further strengthened after investment volume is increased and the Trans-Anatolian Gas Pipeline Project (TANAP) is completed.

TANAP envisages the construction of a pipeline that would supply gas from the Shah Deniz gas field in Azerbaijan to Europe via Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. Approximately six billion cubic meters will be delivered to Turkey and the rest to Europe.

Presently, a 20 percent share in TANAP belongs to Turkish BOTAS and TPAO, while 80 per cent is owned by the SOCAR. SOCAR intends to retain 51 percent of the equity in the project. Turkey will retain 20 per cent. (Trend)