SOCAR ups its share in Turkish JV
The TURCAS Petrol and State Oil Company of Azerbaijan (SOCAR) signed an agreement to transfer 25 per cent of Turcas Petrol in a joint venture between SOCAR-Turcas to SOCAR, the Anadolu agency said on Wednesday.
SOCAR has acquired 25 per cent stake of Turcas Petrol for $44 million under the agreement.
Another agreement was signed to purchase an 18.5 per cent share of SOCAR-Turcas by the State Oil Company of Azerbaijan in a project to build a refinery in Izmir for 9.25 million lira.
Turcas and SOCAR are part of the joint venture and co-owner of petrochemical complex Petkim. SOCAR-Turcas started construction of a new oil refinery in Turkey to meet Petkim's raw material demand. The cost of the plant is $5.5 billion and the production capacity is 10 million tons per year.
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