Azernews.Az

By Nigar Abbasova

SOCAR Turkey Energy, a subsidiary of Azerbaijan’s state energy giant SOCAR, and Rosneft, the leader of Russia's petroleum industry, signed an agreement on the supplies of oil and oil products.

The agreement, which was signed during the World Energy Congress in Istanbul on October 10, defines main terms of supplies.

The sides are expected to examine cooperation potential within the scope of new Star Refinery, the first oil refinery built by the private sector in Turkey.

Star refinery, majority owned by SOCAR, will be capable of refining Azeri Light, Kirkuk, and Urals oil grades.

The companies will consider the opportunity of delivering of Rosneft supplies to the entity, particularly oil and other raw materials, while the range of products, volumes and timing of supplies will be set out in binding documents to be signed in the short run.

Having received Turkey’s first strategic investment incentive certificate, STAR Refinery is currently under construction in Petkim Peninsula.

Meanwhile, Turkey's petrochemical giant Petkim is currently in talks on the acquisition of a share in Star Oil Refinery.

SOCAR Turkey Enerji, is considered to be the most important representative of the ever-reinforcing economic collaboration between Azerbaijan and Turkey. SOCAR has been carrying out its activities in Turkey under the name of SOCAR Turkey Enerji A.S. since 2012.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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