Interfax cited Mr Kenan Yavuz Petkim general director and director of the SOCAR/Turcas Group as saying that investment in the development of Turkish petrochemical facility Petkim Petrokimya Holding which is controlled by the Azeri-Turkish joint venture SOCAR/Turcas will come to USD 10 billion by 2023.

Mr Vagif Aliyev the head of the investment department at SOCAR said that Petkim's current stake on Turkey's petrochemical market comes to 25% but should increase to 40% in the future.

He said that "Azerbaijan has already secured its own energy security and plays an important role in ensuring the region's energy security."

It was earlier reported that investment in the development of the Petkim Petrokimya Holding in January-September 2011 came to USD 63 million.

(Sourced from Interfax)