SOCAR to become biggest investor in Turkey

President of the State Oil Company of the Azerbaijan Republic (SOCAR) Rovnag Abdullayev said that the company will invest $17 billion in Turkey by 2018.

The two states are realizing the Baku-Tbilisi-Ceyhan oil pipeline, Baku-Tbilisi-Erzurum gas pipeline, Baku-Tbilisi-Kars Railway.

Realization of the Trans-Anatolia Gas Pipeline (TANAP) will become the basis of the Southern Gas Corridor of the EU and Azerbaijan to transport 16 billion cubic meters of gas from Shah Deniz to Europe through Turkey. 6 billion cubic meters of the volume will be transported to Turkey and the rest to Europe.

80% of TANAP shares belong to SOCAR and 20% to BOTAS and TPAO. Azerbaijan plans to sell shares and keep 51%. The State Oil Fund of Azerbaijan will have part in SOCAR’s 51% of shares.

Adapted from: Vestnik Kavkaza