RENEWAL - SOCAR Becomes Turkey's Largest Foreign Investor with $18.5 Billion Over 17 Years, Anticipates $7 Billion Investment

SOCAR Turkey CEO Elchin Ibadof stated that the State Oil Company of Azerbaijan Republic (SOCAR) has become Turkey's largest foreign investor by investing a total of $18.5 billion over the last 17 years. Speaking at a press conference in Istanbul regarding SOCAR Turkey and its group companies, Ibadof emphasized that SOCAR contributes to reducing Turkey's current energy sector deficit. He noted that SOCAR Turkey Energy's total investment in the gas sector in Turkey has reached $209 million.

The CEO mentioned, "We are currently conducting natural gas operations in Kayseri and Bursa. Our total investment in the distribution networks of Kayserigaz and Bursagaz has reached $209 million." Ibadof added that the distribution network of Bursagaz has reached 7,703 kilometers, while Kayserigaz's network has reached 7,118 kilometers, with Bursagaz having 1.2 million subscribers and Kayserigaz having 700,000 subscribers.

He remarked, "SOCAR Turkey employs over 10,000 people. This makes a significant contribution to employment in Turkey." Kanan Mirzoyev, Head of Refinery and Petrochemicals Business Unit at SOCAR Turkey Energy, predicted during the meeting that SOCAR Turkey Energy would invest $7 billion to establish new petrochemical facilities in Turkey.