SOCAR ups capital in Turkish JV

The State Oil Company of Azerbaijan (SOCAR) has increased paid up capital in the Turkish joint venture from 200 million lira to 2.4 billion lira ($1.3 billion), the statement by joint Socar-Turcas venture says on Monday.

According to the information, SOCAR-TURCAS was renamed into SOCAR Turkey Enerji after increase of SOCAR's share in the venture. The total value in investment portfolio of joint venture is $7 billion, Kenan Yavuz, the managing director of Petkim petrochemical holding company, said.

He said investment into Star oil-refining plant in Izmir is increasing rapidly and around $100 billion have been already spent on the project. The joint venture also intends to develop projects on creating port and wind stations. The cost of these projects will be around $1 billion.


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