Ankara: Azerbaijani state energy company SOCAR is planning a substantial petrochemical investment of approximately $7 billion in Trkiye, solidifying its position as the country's largest foreign investor.

According to Azerbaijan State News Agency, Vice President Cevdet Yilmaz announced the investment during an event in Ankara, highlighting its potential to reduce Trkiye's current account deficit and bolster macroeconomic stability.

SOCAR Trkiye's refining and petrochemicals division head, Kanan Mirzayev, revealed that the company aims to establish several new polyolefin production facilities. The decision was approved at a December board meeting, with the project expected to be executed over the next five to 10 years. SOCAR's investments in Trkiye have already surpassed $18 billion across energy, petrochemicals, and logistics sectors.

The company acquired Petkim, Trkiye's leading petrochemical firm, in 2008 for over $2 billion. Petkim operates 16 production plants and produced 2 million metric tons of petrochemicals in 2024, fulfilling 11% of Trkiye's domestic demand. SOCAR also operates the STAR Refinery in Izmir, one of the region's most advanced, and is involved in natural gas import, storage, and distribution.

Yilmaz noted SOCAR's research and development in sustainable aviation fuel aligns with Trkiye's 2053 net-zero emissions targets. He emphasized the strategic importance of Trkiye-Azerbaijan energy cooperation, particularly in enhancing natural gas supply and facilitating Turkmen gas exports via Azerbaijan and Trkiye.

The recent launch of gas supply to Syria from Azerbaijan through Trkiye marks a critical partnership. Trkiye, having supported opposition forces during Syria's civil war, is now a key ally of the new Syrian government and aims to play a significant role in the country's reconstruction. Azerbaijani natural gas will help restart Syrian power plants, illuminating regions long affected by conflict.

Yilmaz also highlighted the strategic potential of expanding the electricity interconnection between Trkiye and Azerbaijan. Strengthening connectivity in transportation, energy, communications, and digitalization sectors presents significant opportunities for both nations.