At a press conference on May 12, Elchin Ibadov, the Acting Director General of SOCAR Turkey, said SOCAR Turkey, the Turkish division of the State Oil Company of Azerbaijan, has achieved record growth in economic indicators in 2022. 

According to him, the profit of the Petkim petrochemical company, the majority shareholder of which is SOCAR Turkey, increased by 70 percent in 2022. "At the Star refinery [in the Turkish province of Izmir], production figures have more than doubled. We were able to achieve this through the use of high technologies and infrastructure modernization," Ibadov said. According to him, only 120 projects were implemented by the Star Refinery and Petkim. "From their implementation, we attracted $750 million to our budget," he added.

"SOCAR Turkey's investments in the Turkish economy reach $18 billion," Ibadov informed. The State Oil Company of Azerbaijan acquired the Petkim petrochemical complex for $2 billion and later invested another $1.6 billion in it to increase the efficiency of the plant. "We also built the Star oil refinery in Turkey, investments in it amounted to $ 6.7 billion. In addition, SOCAR Turkey has 7 percent of the assets in the TANAP project. Until today, it has transported 23.3 billion cubic meters of gas to Europe and 21.5 billion cubic meters to Turkey," he said.