Azeri oil firm to invest $10 billion in Turkey's Petkim

Azerbaijan will is planning to invest $10 billion in Petkim petrochemical company in the next 7-8 years.

Azeri oil firm to invest $10 billion in Turkey's Petkim

World Bulletin / News Desk

Azerbaijan's national oil company SOCAR is planning to invest $10 billion in Turkey's petrochemical firm Petkim in the next seven to eight years, SOCAR said Tuesday. 

"SOCAR invested $2.2 billion in Petkim between 2008-2014. We plan to invest $10 billion in the next 7-8 years," SOCAR president Rovnag Abdullayev was quoted as saying by the Azerbaijan Press-Release Agency, APA. 

Speaking at the B20 Azerbaijan Regional Consultation Forum, Abdullayev also took the opportunity to sign a protocol agreement for strategic cooperation with Rifat Hisarcilkioglu, the president of the Union of Chambers and Commodity Exchanges of Turkey, TOBB. 

Meanwhile, also at the forum, Turkish Deputy Prime Minister Ali Babacan said Tuesday the trade volume between Turkey and Azerbaijan had surpassed $5 billion in 2014. 

"We now aim $15 billion in trade by 2023," he said.

B20, also known as the Business 20, is an outreach platform to bring business leaders from G20 economies together. 

The Group of 20, or G20, is composed of the 19 largest economies in the world, in addition to the EU. 

Turkey holds the G20 presidency in 2015. The tenth annual meeting of the group will be held in Turkey's southern city Antalya near the Mediterranean Sea in Nov. 15-16. 

Güncelleme Tarihi: 13 Mayıs 2015, 10:11
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