Azernews.Az

By Aynur Jafarova

Azerbaijan's investments in Turkey will reach at least $17 billion by 2018.

Kenan Yavuz, the head of SOCAR Turkey Enerji-Turkish division of Azerbaijan's state energy company SOCAR, and board member of Petkim Petrokimya Holding, said on November 19 that it includes the investment that Azerbaijan has made in several major engineering projects since 2008. No one has ever attempted to implement these projects in Turkey before.

"In this case, it is possible that as a result of the implementation of the projects, the investment will reach $20 billion. By implementing these and other projects in the energy and petrochemical industry, Azerbaijan becomes the largest foreign investor in Turkey," Yavuz said.

Yavuz went on to say that SOCAR Turkey Enerji will become Turkey's largest company in five years.

He also stressed that the brotherly relations between Azerbaijan and Turkey are not only in words but also in deeds.

SOCAR is one of the world's most well-established oil companies, active in Turkey since May 30, 2008.

SOCAR Turkey Enerji aims to reduce the dependence on foreign goods and exports in Turkey by providing high value-added products made inside the country.

Currently, SOCAR owns the petrochemical complex Petkim Petrokimya Holding in Turkey, a container terminal, and is building an oil refinery with capacity of 10 million tons a year.

Petkim Petrochemical Holding, which is co-owned by SOCAR, manufactures plastic packages, fabrics, PVC, detergents, and is the only Turkish producer of such products. A quarter of Petkim's products are exported to foreign markets.

Turkey is the third largest trade partner of Azerbaijan after Russia and the United States.

According to the State Statistics Committee, the volume of Turkish investments in Azerbaijan's economy amounted to 186.34 million manats or 5.5 percent of total foreign investment in January-September 2013.

Currently there are 2,000 companies with Turkish capital operating in Azerbaijan, which makes up 36 percent of all foreign companies operating in the country.

The number of companies with Azerbaijani capital in Turkey reached 1,100 by the end of 2012.

As of 2012, the trade turnover between the two countries amounted to $2.12 billion.

Mutual investments between Azerbaijan and Turkey exceed $10 billion. The amount of Azerbaijani investments in Turkey in the coming years is projected at $21 billion.

According to the estimates, Turkish companies have invested $6.5 billion in Azerbaijan's economy so far.