Bank Of Baku

SOCAR to buy shares in Turkey's STAR refinery

SOCAR to buy shares in Turkey
# 26 March 2014 09:40 (UTC +04:00)

Turcas Petrol had previously announced the sale of 13.5 percent of its share earlier to Refinery Holding A.S.

 

SOCAR's share in the STAR refinery and the SOCAR Turkey Aegean Refinery, will increase to 60 per cent if the deal is completed, while the remaining 40 percent belongs to Azerbaijani state.

 

The state-owned oil and natural gas company had previously acquired Petkim, the leading Turkish petrochemical company, in 2008 becoming a prominent player in the petrochemical sector.

 

In 2011 SOCAR and Turcas Petrol started the construction of a big refinery complex in Izmir on Turkey's Aegean coast. The project, with a fixed capital investment of $4.2 billion, aims to relieve Turkey's petrochemical sector of its dependence on energy imports of petroleum products.

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