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.
Hundreds of protesters have torn down fences surrounding a planned luxury development site in Albania, as public anger continues to mount over constr...
George Russell continued Mercedes's dominant qualifying form by securing pole position for the Barcelona-Catalunya Grand Prix, while Lewis Hamilton en...
Ukraine's Zaporizhzhia Nuclear Power Plant has been reconnected to the electricity grid after repairs were carried out under a localised ceasefire bro...
Kazakhstan’s ruling Amanat party has announced it will merge with a party launched only a month ago by allies of the country’s President Kassym-...
U.S. and Pakistani leaders forecast a Sunday signing of a long-elusive framework agreement to end fighting between the United States and Iran, but Teh...
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
The global race to develop quantum computing is accelerating, with governments and technology firms investing heavily in what is expected to become a major new computing era.
Domestic economic conditions are playing a growing role in shaping the outlook for Azerbaijan, Armenia, Kazakhstan and Uzbekistan, according to global financial services group ING.
Azerbaijan dispatched 17 railway wagons carrying 984 tonnes of diesel fuel to Armenia on Thursday, marking the latest shipment in growing trade between the two countries.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Japan’s birth rate and fertility levels have fallen to their lowest levels on record, highlighting the country’s worsening demographic crisis as fewer people marry and have children.
Kazakhstan’s ruling Amanat party has announced it will merge with a party launched only a month ago by allies of the country’s President Kassym-Jomart Tokayev.
An Indian pollution regulator has accused a Tata components factory supplying Apple iPhones of contaminating groundwater near farmland with wastewater, raising the prospect of a forced shutdown unless the company provides a satisfactory response.
Uzbekistan will launch a new digital financial platform from 1 July aimed at simplifying access to finance for entrepreneurs, as part of broader efforts to support small businesses, encourage innovation and accelerate private sector development.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
The global race to develop quantum computing is accelerating, with governments and technology firms investing heavily in what is expected to become a major new computing era.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment