Lira fluctuation won't affect Turkey assets of SOCAR - Here is why

Baku, Azerbaijan, Aug. 17 By Ilkin Shafiyev – Trend: Fluctuations in the Turkish lira’s rate won’t have a tangible impact on the profitability of assets of SOCAR Turkey Enerji (a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey), head of external relations of SOCAR Turkey Enerji Murat Lecompte told Trend. "As far as our plants in Turkey are concerned, the situation at the Petkim petrochemical complex and the STAR refinery is different. Fifty percent of Petkim's products are exported to Germany, the US, Poland and other foreign countries. The remainder is sold in Turkey, but the prices are pegged to the current rate of the lira. It is safe to say that currency fluctuations won’t create a risk for Petkim," Lecompte said. "As for the STAR refinery, the plant hasn’t yet started operation and is at the construction stage. Here the decrease in the lira rate doesn’t lead to any changes. Being the biggest foreign investor in Turkey, we intend to continue implementing projects and invest in the country’s economy." Since the beginning of the year, the Turkish lira fell against the US dollar by about 35 percent. On August 10, the lira updated another historic record and finished the day at 6.41 lira per US dollar, losing more than 20 percent of its cost over the day. Follow Trend on Telegram. Only most interesting and important news