SOCAR Türkiye CEO Elchin Ibadov announced that the company’s investments in Türkiye have reached $18.5 billion over the past 17 years, making it the country’s largest foreign investor. Speaking at a press conference in Istanbul dedicated to SOCAR Türkiye and its group companies, Ibadov highlighted the company’s contribution to reducing Türkiye’s energy sector deficit.
SOCAR has invested $209 million in natural gas projects in Kayseri and Bursa, with the gas distribution network reaching 7,703 kilometers in Bursagaz and 7,118 kilometers in Kayserigaz. Bursagaz currently serves 1.2 million subscribers, while Kayserigaz has 700,000 subscribers.
Ibadov also emphasized the company’s contribution to employment, stating, “SOCAR Türkiye employs over 10,000 people, making a significant contribution to Türkiye’s labor market.”
$7 Billion Petrochemical Investment Planned
SOCAR Türkiye Refinery and Petrochemical Business Unit President Kenan Mirzayev announced plans for approximately $7 billion in investments to establish new petrochemical facilities in Türkiye.
During the event, Ibadov highlighted the approval of a roadmap for sustainable development within SOCAR Türkiye. He stated, “Our primary goal is to produce environmentally friendly aviation fuel. This fuel can be derived from algae or household oils. Research in this direction is already underway.”
Environmentally Friendly Aviation Products
Ibadov further elaborated on the company’s commitment to sustainability, revealing that more than ten sustainable development projects are in progress. “The main target is to produce eco-friendly aviation fuel,” he said, underscoring SOCAR Türkiye’s efforts to align with global environmental standards.
SOCAR Türkiye’s plans to focus on green aviation fuels reflect its dedication to innovation and sustainability, solidifying its position as a key player in Türkiye’s energy and petrochemical sectors.
Source: Bloomberght/ Prepared by: İlayda Gök