Turkey Should Invest $100-120 Billion to Meet Target, Says SOCAR

About USD $100-120 billion should be invested in the energy sector to reach Turkey’s aims for 2023, SOCAR said referring to the TANAP project and to the Turkish energy sector. 

‘Investment amount of TANAP makes USD $10-12 billion. Thus, the only TANAP will make 10 percent of the needed investment amount of Turkish energy sector’ SOCAR President Rovnag Abdullayev said last week, as reported by SOCAR’s website on Tuesday. 

Abdullayev claimed Azerbaijan has become a key player in the region both from a political and economic point of view. SOCAR President explained that the Southern Gas Corridor is one of the winners of reduced local production in Europe.  

‘According to estimations, Europe’s demand for natural gas will rise to 610 bcm, while annual natural gas import - to 400 bcm, thus, increasing the importance of the Southern Gas Corridor.’

Abdullayev also spoke about the TAP project, saying that SOCAR will bet on regional and global cooperation to increase global energy security.