SOCAR branch in Turkey may become one of top 3 companies

Kenen Yavuz, head of SOCAR-Turkey Enerji A.Ş., a branch of the State Oil Company of the Azerbaijani Republic (SOCAR), says that the company may become one of the top 3 industries in Turkey in 2015, Hazar World reports.

According to Botaş estimations, Turkey will need 70 billion cubic meters of gas by 2020. In this case, even if gas transporting to Europe encounters problems, Turkey would be able to realize all TANAP gas in its domestic market.

SOCAR will become a full-fledged gas distributor in Turkey on January 1, 2013. It has the right to realize 1.2 billion cubic meters of gas, about 500 million of them used by the Petkim complex.

SOCAR Turkey Energy and Cıg Enerji formed SOCAR Gaz Ticareti AS.

SOCAR Turkey Enerji owns 61.32% of share in Petkim, 38.67% are at the Istanbul Exchange. Petkim Petrokimya Holding produces plastic products, textiles, detergents and is the only manufacturer of such products in Turkey. A quarter of its products is exported.

Adapted from Vestnik Kavkaza