TURCAS , SOCAR sign agreement

The TURCAS Petrol and State Oil Company of Azerbaijan (SOCAR) signed an agreement to transfer 25 per cent of Turcas Petrol in a joint venture between SOCAR-Turcas to SOCAR, the agency Anadolu said on Wednesday.

SOCAR has acquired 25 per cent stake of Turcas Petrol for $44 million under the agreement. Another agreement was signed to purchase an 18.5 per cent share of SOCAR-Turcas by the State Oil Company of Azerbaijan in a project to build a refinery in Izmir for 9.25 million lira.

Turcas and SOCAR are part of the joint venture and co-owner of petrochemical complex Petkim. SOCAR-Turcas started construction of a new oil refinery in Turkey to meet Petkim's raw material demand.

A foundation laying ceremony of a new refinery in Ismir which will provide raw materials for Petkim, was held October 25. The new refinery will primarily focus on supplying raw material for the complex. The cost of the plant is $5.5 billion and the production capacity is 10 million tons per year. Oil produced in the factory will be directed to meet Petkin's demands, the domestic market in Turkey the Mediterranean region.


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