SOCAR announces $7B petrochemical investment in Türkiye

Azerbaijan’s SOCAR will invest $7 billion in Türkiye’s petrochemical sector, reinforcing its role as the country’s largest foreign investor.

Ankara says Azerbaijan’s state owned oil and gas company has announved significant investment in Turkiye.

Turkish Vice President Cevdet Yılmaz has hailed the move, saying it will support major growth and macroeconomic stability in the country.

He says that preliminary engineering is complete under SOCAR Türkiye’s “Master Plan,” and the government hopes the project will move forward “as soon as possible,” reiterating that every dollar of domestic output will help narrow the current account shortages.

SOCAR is Türkiye’s biggest foreign investor with over $18 billion in energy, petrochemicals, and logistics.

Its wide ranging portfolio includes Petkim, acquired in 2008, which operates 16 plants and produces 2 million tons of petrochemicals yearly, equaling about 11% of Türkiye’s output.

SOCAR states the new capacity plan, approved in December, will be implemented in phases over a 5 to 10 year period. 

This industrial complex ties into Türkiye’s 2053 net-zero agenda with Yılmaz referencing R&D, including sustainable aviation fuel, as a way to decarbonize heavy industry, while lifting export competitiveness.

Yılmaz highlighted closer coordination with Baku on boosting Azerbaijani gas flows and opening the door for Turkmen gas to be transferred through Azerbaijan and Türkiye.

He also mentioned the new gas supply to Syria, routed through Türkiye, to restart power plants with 1,200 megawatts of capacity, converting gas to electricity as part of Syria’s reconstruction push.

The next steps include site selection and financing for the new complex, alongside deeper Türkiye-Azerbaijan cooperation on energy and regional connectivity.

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