SOCAR's Turkish Energy Partnership Gains Momentum
SOCAR has become one of Türkiye's largest foreign investors through its Baku-Ankara energy partnership. The Azerbaijani state energy company acquired a 51 percent stake in Petkim, an integrated petrochemical producer in Turkey, for approximately $2.04 billion in 2008.
Petkim operates 16 production plants and produces around 9 percent of Türkiye's domestic demand in petrochemicals. The company supplies raw materials to various sectors, including plastics, packaging, construction, automotive manufacturing, textiles, pharmaceuticals, and agriculture.
SOCAR has also built an integrated portfolio through its STAR Refinery, which processes approximately 12 million tonnes of crude oil annually. The refinery produces naphtha that can serve as a feedstock for petrochemical production and refined fuels that Türkiye would otherwise need to import.
The Trans-Anatolian Natural Gas Pipeline (TANAP) is another crucial component of the partnership, connecting Azerbaijan's Shah Deniz field with European markets through Turkish consumers. The pipeline has an initial capacity of around 16 billion cubic meters per year and room for expansion.