Azerbaijan’s SOCAR state oil and gas company plans $17B investment in Turkey over 8 years

BAKU, Azerbaijan – Azerbaijan’s state oil and gas company says it plans to invest up to $17 billion in energy projects in neighbouring 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.

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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.