04 October 2012 22:43 [Source: ICIS news]
HOUSTON (ICIS)--The State Oil Co of Azerbaijan Republic (SOCAR) will continue to find opportunities in the petrochemical industry and expand its presence throughout the Middle East, the country’s ambassador to the US said on Thursday.
Ambassador Elin Suleymanov briefly addressed SOCAR’s projects in the petrochemical sector during a roundtable discussion in Houston about oil and natural gas. Azerbaijan is opening an office in Houston.
Azerbaijan’s capital, Baku, is a major petrochemical centre, Suleymanov said.
The first phase will be completed at the turn of 2017-2018, and the entire site is scheduled to be fully operating by 2020.
SOCAR’s outreach extends to Turkey, Suleymanov said, and the oil and gas company acquired the remaining state-owned shares in PetKim, the country’s largest petrochemical producer, earlier this year.
“PetKim is the key Turkish petrochemical complex, so it’s a major investment of Azerbaijan,” Suleymanov said.
SOCAR’s other focus in Turkey is the construction of the Trans-Anatolia Gas Pipeline, which would carry gas from Azerbaijan through Turkey to the rest of Europe.
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