SOCAR is negotiating additional investments in Turkey – CEO

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Zaur Gahramanov, General Director of SOCAR Turkey Energy, the Turkish subsidiary of the State Oil Company of Azerbaijan (SOCAR), attended a conference in Istanbul, entitled “Azerbaijan’s achievements gained nowadays and in the recent past”.

Speaking to Report’s Turkish bureau, the director-general first spoke about the newly signed gas agreement between Azerbaijan and Turkey.

“The agreement on the supply of 11.5 billion cubic meters of gas to Turkey for the next three years is in force from October 1. At present, there is no talk about other volumes. But Azerbaijan has large gas reserves. They are Umid-Babak, Absheron as well as the third phase of Shah Daniz. Thus, using these resources in the future, the gas will probably come first to Turkey and then to Europe,” he said.

Moreover, Gahramanov added that his company has so far invested $16.5 billion in Turkey and is negotiating new investments. “First of all, we want to grow in the petrochemical and gas sectors of Turkey. There will be statements to this effect next year.”