SOCAR intends to buy gas distribution network in Turkey
State Oil Company of Azerbaijan (SOCAR) plans to provide a wide range of services in the Turkish power industry, Turkish media cited chief of Investments Department of SOCAR Vagif Aliyev as saying last week.
Aliyev said that SOCAR plans to become an equal participant of the Turkish gas market and occupy a leading place among the gas distribution companies. Aliyev said that SOCAR’s goal is to create the Petkim petrochemical centre similar to that in Singapore. Aliyev added that they will build electric stations, stations generating wind power as well as port.
SOCAR-Turcas company, 75% shares of which are held by SOCAR, has obtained the right to wholesale trade of natural gas at the Turkish local market. In early January 2011 the Turkish observation market of energy markets granted a license to SOCAR-Turcas Petrokimya for the period of 30 years till 2041.
SOCAR administration said earlier that it plans to start sale of about 1.2 billion cub.m. of gas at the Turkish local market. Majority of this volume will be supplied to Petkim Holding chemical complex and the remaining part to the thermal electric stations.