Azerbaijani investments in Turkey could reach $20 billion

Istanbul, Turkey, Nov. 18 By Elchin Huseynov - Trend: Until 2018, Azerbaijani investments in Turkey will reach at least $17 billion, head of SOCAR Turkey Enerji Kenan Yavuz told Azerbaijani journalists in Istanbul. According to him it implies the investment that Azerbaijan has made since 2008 in several major engineering projects. These projects have not been attempted to implement 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. These and other projects in the energy and petrochemical industry mean that Azerbaijan could become the largest foreign investor in Turkey," Yavuz stressed. SOCAR Turkey Enerji ranks second in the field of industrial production in Turkey. SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 per cent stake in Petkim on March 30, 2012, increasing SOCAR's stake in the company to 61.32 per cent. Some 38.68 per cent is in free circulation on the Istanbul Stock Exchange. Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which the company exports.