Anar Mammadov: TANAP will ensure natural gas supply security of Turkey

Baku, March 31, AZERTAC ‘The Trans-Anatolian Pipeline (TANAP) project aimed to transport Azerbaijani gas to Turkey and then to Europe, will help to cover current deficit in Turkey and ensure natural gas security of the country’ said Anar Mammadov, Director General of Petkim Holding, in his interview with Anadolu Agency. Mammadov stated that the State Oil Company of Azerbaijan (SOCAR) is now Turkey's biggest foreign investor, saying that they do not feel like outsiders to Turkey, and that Turkey is a very close and friendly country to them. Noting that SOCAR has invested in many countries around the world as an international company, but the largest volume of these investments is concentrated in Turkey, Mammadov stressed that they trust the Turkish economy. The Petkim general manager also said that in Turkey, which they regard as having great potential, they have invested a total of $18 billion. He went on to say that $11 billion of that has been completed and they plan to complete all their projects by 2020. He noted that in 2018, TANAP will be put into operation (section to Eskişehir) and first gas will be delivered to Turkey (on "Shah Deniz-2"). Stating that first stage will be commissioned in 2018 and is planned to be completed in 2020, Anar Mammadov underscored that TANAP and other projects will help reduce the current account deficit, which is the most important problem in the Turkish economy. Petkim Director said that currently, SOCAR is the largest foreign investor in Turkey as well expressed confidence in Turkish economy: "We do not feel like strangers in Turkey. Turkey is a very close and brotherly country. Being an international company, SOCAR has been investing in many countries around the world, the largest volume of these investments made in Turkey". Speaking about STAR oil refinery, which is under construction in Izmir, Petkim Head said that the plant will be launched in 2018. He also spoke about importance of the Petlim Container Port and noted that this port allows more high-tonnage vessels to enter the Aegean region, which will reduce transportation costs. A. Mammadov stressed that this and other projects will help to cover current deficit of the Turkish economy. He spoke about importance of stability in the market and stated that difficulties were observed last year due to fluctuations in oil prices and exchange rate, however, the situation normalized currently. A.Mammadov expressed confidence in more stability this year. He believes that this year, oil prices will remain at around 50-60 USD/barrel.