SOCAR seeks to up its share in Turkish JV

TURCAS Petrol and State Oil Company of Azerbaijan (SOCAR) began negotiations for the transfer of 25 percent share of Turcas Petrol in the joint venture SOCAR-Turcas of SOCAR, the Anadolu agency said on Tuesday. Talks are held on the purchase of 18.5-percent share of SOCAR-Turcas in a project to build a refinery in Izmir by SOCAR.

TURCAS will complete its work in the petrochemical holding company through indirect stock, and engage in the distribution of fuel refineries after reaching an agreement. Turcas and SOCAR are parties of the joint venture - co-owner of a petrochemical complex Petkim. SOCAR-Turcas started construction of a new oil refinery in Turkey to meet Petkim's raw demand. A ceremony of laying the foundation of a new refinery, which will provide feedstock for petrochemical complex Petkim, co-owner of which is SOCAR, in Izmir was held October 25.


/Trend/