SOCAR Turkey to increase investments

By Nuran Erkul

ANKARA (AA) - The investments of SOCAR Turkey, a Turkish branch of the state oil company of the Azerbaijan Republic, will continue to increase as Turkey is home to the company which has around 40,000 employees, SOCAR Turkey's Chairman of the Board said on Thursday.

In a written statement to Anadolu Agency, Vagif Aliyev, chairman of the board of SOCAR Turkey, expressed his condolences for those who died in the failed putsch which took place on Friday July, 15, and stressed the event will not damage investments in the country.

The company's investments in the country are over $18 billion with projects which will help Europe meet its energy needs, Aliyev said.

He added that investments in Turkey will go on unhindered, adding that as Turkey is home to the company with over 40,000 employees, and the company has a responsibility to do so.

He underlined the commitment that both SOCAR Turkey and its various different international investors and partners have.

"I want to stress that our partners are as determined as we are and trust in Turkey's economy and stability," Aliyev underlined.

Aliyev also hailed the solidarity that the Turkish people showed in their reaction and support to stem the coup attempt.

Turkish people swarmed the streets on the night of July, 15 in response to President Recep Tayyip Erdogan's call against the coup attempt by the Gulenist Terrorist Organization, or the Parallel State.

At least 240 people, including members of the security forces and civilians, were martyred during the failed putsch, and nearly 1,500 others were wounded in the ensuing protests.

Since then, supporters have reacted to the coup plot by taking to the streets to show their solidarity to the country.

- First private sector refinery from SOCAR

Aliyev explained that SOCAR Turkey will complete Turkey's first private sector oil refinery, STAR, in Izmir in 2018.

"We will start operations in the refinery, which will be a significant tool for reducing the country's current account deficit," he said.

Additionally, Aliyev said that SOCAR Turkey's subsidiary, Petkim, which was founded in 1965 as the first petrochemical plant in Turkey and was sold to SOCAR Turkey during a privatization tender in 2008, is a symbol of trust the company has in Turkey.

Aliyev concluded that they will continue working with the understanding of "Two States, One Nation" -- a motto of solidarity between the two countries -- and work for the best in reference to the close relationship between Azerbaijan and Turkey.