Socar to up its stake in Turkish JV
Turcas Petrol and Azerbaijani state energy firm Socar have launched talks on the transfer of a 25 percent stake of Turcas Petrol to Socar-Turcas, a Turkish-Azerbaijani joint venture controlled by Socar, Anadolu news agency reported on Tuesday.
Talks are also reportedly underway on Socar’s purchasing a 18.5 percent share of the joint venture in the project seeking to build an oil refinery in Izmir.
Socar-Turcas, which has 51 percent of stock in Petkim, Turkey’s largest petrochemicals group, earlier started construction of a new oil refinery in Turkey to meet Petkim's demand for raw materials.
The cost of the plant is $5.5 billion, while its production capacity is 10 million tons per year. Oil products to be produced at the new plant will be supplied not only to Petkim but also the domestic market in Turkey and countries of the Mediterranean region.
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