January 7, Azerbaijan: Azerbaijan State Oil Company to invest $7 billion in Turkey. SOCAR an Azeri state company has announced that it would invest around $7 billion in the development of the newly developing facilities in the state.
However, after this move, the company received major backlash from various Palestinian groups that supply oil to Israel despite Turley’s ban on trade. The state-based oil company In the Republic of Azerbaijan SOCAR is planning on establishing several new polyolefin production facilities to expand capacity at its Petkim unit, says Kanan Mirzayev, head of SOCAR Turkey’s refining and petrochemicals division.
When asked about the details MIrzayev said, “A detailed front-end engineering design (FEED) for the facilities will be prepared in 2025-2026, requiring around $50 million in initial investments, “The decision was approved at a December board meeting, and the project is expected to be implemented over the next five to 10 years, he added, “Turkey imports up to 90% of its polyolefins. This initiative will reduce dependency on imports and boost SOCAR Turkey’s revenues” he concluded.
However, for the final instance, the final investment is to be expected at the year at 2026. Petkim founded nearly 60 years ago, became wholly owned by SOCAR in 2008 after the Azerbaijani energy firm acquired a controlling stake for $2.04 billion.
SOCAR has been giving petrol to Israel through the Baku-Tbilisi-Ceyhan pipeline and a few government officials met with the company representatives during ongoing protests. Several pro-Palestinian protestors have been detained during their protests against the SOCAR.
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