Publication: Eurasia Daily Monitor Volume: 22 Issue: 6
Executive Summary:
- On January 6, the State Oil Company of the Republic of Azerbaijan (SOCAR) announced plans to invest in Türkiye’s energy sector. This move would strengthen bilateral ties and allow Baku to expand its influence in Europe and the Middle East.
- SOCAR is critical in meeting Türkiye’s growing natural gas demand while advancing eco-friendly initiatives such as sustainable aviation fuel production, aligning with Azerbaijan’s green energy strategies.
- Azerbaijan’s soft power is fueled by SOCAR through investments and diplomatic engagement, including potential energy supplies to Syria. This reflects Baku’s multivector foreign policy amid shifting Middle East geopolitics.
On January 6, the State Oil Company of the Republic of Azerbaijan (SOCAR) announced plans to invest $7 billion in Türkiye’s energy sector in the coming years (Report.az, January 6). Between 2008 and 2024, SOCAR Türkiye, SOCAR’s local subsidiary, invested $2 billion into the development of the petrochemical facilities of the Petkim petrochemical company privatized by SOCAR. The total investments of the company in the Turkish economy accounted for more than $18 billion in the same period, making the company the largest foreign investor in the country (ABC.az, January 6).