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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Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
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Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
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Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
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Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
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