SOCAR’s investments into the Turkish projects have reached $7.5 billion, Zaur Gakhramanov, head of SOCAR Turkey Energy, daughter company of SOCAR, said in his interview to Bloomberg.
He said despite the risks, SOCAR will continue investing into the projects in Turkey.
“Considering June, SOCAR has invested $7.5 billion into the projects in Turkey and the company will continue investing. Demand in petrochemical products has been growing in Turkey, which has an advantage over natural gas,” Gakhramanov said.
SOCAR has a bloc of shares in Petkim, it has been building Star oil refinery and Trans Anadolu (TANAP) gas pipeline.—0—
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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