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TURCAS Petrol and SOCAR to negotiate on the share in JV SOCAR-Turcas

December 20/2011

(Trend) -- 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 Petrol and SOCAR to negotiate on the share in JV SOCAR-Turcas

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.

The new refinery will primarily focus on supplying raw material for the complex. The cost of the plant is USD5.5 billion; and the production capacity is ten million tons per year. Oil produced in the factory will be directed to meet the demand of Petkim, the domestic market in Turkey and the countries of the Mediterranean region.

Author:Marina Ivanova
Category:General News
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