SOCAR to Invest $7 Billion in Turkey

According to TRT, the Azerbaijani state oil company SOCAR plans to invest approximately $7 billion in new petrochemical projects in Turkey.

This new investment will almost double the company's presence in the Turkish economy, where it has already invested over $18 billion.

"We are pleased to learn that following the preliminary engineering and feasibility studies conducted as part of the Master Plan, SOCAR Türkiye plans to implement an additional petrochemical project worth approximately $7 billion," said Turkish Vice President Cevdet Yılmaz.

According to the Turkish official, "such initiatives are of key importance for reducing the foreign trade deficit and strengthening macroeconomic stability." The project will take 5 to 10 years to complete and involves the creation of polyolefin production facilities.