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SOCAR Announces Plans to Invest in Turkey

SOCAR intends becoming the largest foreign investor in Turkey with an investment volume worth $17 billion by 2018.

He said that SOCAR's investments contribute 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," head of SOCAR Rovnag Abdullayev said.

He added that bilateral relations will be further strengthened after an investment volume is increased and the Trans-Anatolian gas pipeline project (TANAP) is implemented.

The TANAP project envisages the construction of the pipeline from the eastern border of Turkey to the country's western border to supply gas from the Azerbaijani Shah Deniz gas field to Europe through Turkey. The initial capacity of the pipeline is expected to reach 16 billion cubic meters a year. About 6 billion cubic meters will be delivered to Turkey and the rest will go to Europe.

Source: Trend

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