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.
U.S. President Donald Trump has signed an executive order pledging U.S. military support to defend Qatar if it comes under attack, following last mont...
Qarabağ claimed their second win in the UEFA Champions League group stage with a 2-0 victory over Copenhagen at the Tofig Bahramov Republican Stadium...
Kazakhstan has unveiled plans to create a specialised research University for artificial intelligence while also providing digital skills training for...
Contact has been lost with several vessels in the Global Sumud Flotilla, organisers said on Wednesday evening, as the ships continued their attempt to...
French naval personnel have boarded a Russia-linked oil tanker suspected of being used to launch drone flights that disrupted airports in Denmark last...
The 12th Türkiye Innovation Week (TIW25) in Istanbul is preparing to contribute to the country’s goal of becoming a leader in innovation.
Galatasaray claimed a 1-0 win over English side Liverpool in the second round of the UEFA Champions League.
Türkiye has joined Spain, Italy and Greece in monitoring an international flotilla carrying aid for Gaza that was sailing east across the Mediterranean Sea on Monday despite warnings from Israel to stop the mission, flight data show.
Archaeologists excavating the ancient city of Troy in northwestern Türkiye have unearthed a 4,500-year-old golden brooch and a rare jade stone, the country’s culture minister said Saturday.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Kazakhstan has unveiled plans to create a specialised research University for artificial intelligence while also providing digital skills training for up to one million citizens over the next five years.
The 12th Türkiye Innovation Week (TIW25) in Istanbul is preparing to contribute to the country’s goal of becoming a leader in innovation.
Galatasaray claimed a 1-0 win over English side Liverpool in the second round of the UEFA Champions League.
On 30 September, President of the Republic of Azerbaijan Ilham Aliyev and President of the Italian Republic Sergio Mattarella delivered statements to the press in Baku.
Azerbaijan and the United States held talks in Baku on Tuesday to advance their strategic partnership and address regional security, according to the Azerbaijani Foreign Ministry.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment