On January 6, 2025, Elchin Ibadov, the CEO of SOCAR Türkiye Enerji, announced at a press conference in Istanbul that the State Oil Company of Azerbaijan (SOCAR) had invested over $18.5 billion in Türkiye over 17 years and outlined strategic goals for the next five years, including advancements in oil refining, petrochemicals, and energy supply.

Ibadov revealed that SOCAR Türkiye Enerji oversees 32 companies and plans to achieve a high level of integration in oil refining and petrochemicals while maintaining sustainable development. He noted that investments in the Turkish gas business have reached $209 million, with $209 million allocated specifically for gasification projects in Kayseri and Bursa. Bursagaz's distribution network spans 7,703 km with 1.2 million subscribers, while Kayserigaz's network covers 7,118 km and serves 700,000 subscribers. Addressing rumors about selling SOCAR’s gas distribution business, Ibadov clarified, "We are evaluating several interesting offers but have not put the companies up for sale. If such a sale aligns with our strategic interests, it will not contradict our five-year plan."

Kanan Mirzoyev, head of SOCAR Türkiye’s refining and petrochemicals business unit, reported that investments in Petkim's petrochemical plants between 2008 and 2024 totaled approximately $2 billion, with an average annual investment of $113 million. He highlighted the significance of these investments in improving production sustainability, including planned overhauls in 2018 and 2022. Mirzoyev added that SOCAR plans to invest $7 billion in creating new petrochemical facilities in Türkiye. Preparatory work for the Front-End Engineering Design (FEED) phase, requiring $50 million, will commence in 2025-2026.

Mirzoyev elaborated on a Master Plan developed from 2022 to 2024 with STORK, Wood Mackenzie, and KBR to modernize Petkim’s outdated plants. Collaboration with STORK emphasized repair needs over the next 3-7 years, while Wood Mackenzie identified high potential in ethylene production and polymerization. KBR contributed to feasibility studies and investment scenarios for continuing operations. Planned projects include building new ethylene, polypropylene, and polyethylene production facilities.

Mirzoyev concluded that detailed design and licensing work for the ethylene project will begin mid-2025, with FEED completion expected by December 2026. If approved, the project will move into the construction phase, with an estimated investment of $7 billion to double ethylene capacity and achieve triple growth in Türkiye's polymer production sector.