Azerbaijan's state oil company to invest $7bn in Turkey
Azerbaijan’s state oil company Socar plans to invest an additional $7bn in Turkey's energy sector in the coming years, a company executive revealed during a press briefing on Monday.
Kanan Mirzayev, president of Socar’s refinery and petrochemical business unit, said the company is planning to allocate approximately $7bn to establish new petrochemical facilities in Turkey.
Socar Turkey CEO Elchin Ibadov said the company had become Turkey's largest foreign investor, with a total investment of $18.5bn over the past 17 years.
“More than 10,000 people are employed within Socar Turkiye. This makes a significant contribution to employment in Turkey,” he said.
In 2018, Azerbaijan made its largest one-time foreign investment in Turkey by establishing the Socar Star Oil Refinery, which has an oil processing capacity of approximately 214,000 barrels per day.
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The refinery, which cost Socar nearly $7bn to construct, remains a cornerstone of the company’s investments in Turkey.
Ibadov also revealed that Socar Turkey will soon begin producing environmentally friendly aviation fuel. He noted that the company had approved a roadmap for sustainable development as part of its long-term vision.
Fossil fuels - coal, oil and gas - are by far the largest contributor to global climate change, accounting for over 75 percent of global greenhouse gas emissions and nearly 90 percent of all carbon dioxide emissions.
Socar also recently faced criticism following revelations by rights and transparency groups that Azerbaijani oil continues to be sold to Israeli buyers despite the ongoing war in Gaza.
Several international human rights organisations have described Israel’s actions during the conflict as genocide.
Last year, demonstrators threw red paint on Socar’s Istanbul headquarters, while others protested against Turkish President Recep Tayyip Erdogan, accusing him of ignoring the controversial oil trade.
Although Turkey has enforced a complete trade embargo against Israel since May, oil shipments have continued through the Turkish port of Ceyhan.
Azerbaijani oil is transported to international markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline, which is operated by British multinational BP.
Turkish officials have defended their position, arguing that Ankara merely hosts the pipeline and has no control over the final buyers of the oil.
They also claim that since May, no tanker has officially declared Israel as its destination. However, open navigation data shows that intermediaries purchase the oil, and the shipments eventually arrive at Israeli ports.
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