SOCAR increased the share in STAR oil refinery in Turkey to 60%
Edited by Rhod Mackenzie / 2014-05-19 04:31:26
Azerbaijan Oil and Gas Refining Azerbaijan Oil and Gas Petrochemicals Processing Oil Production and Refining SOCAR
The enterprise will be launched in 2018.
The Turkish Turcas Petrol sold 18.5% in the joint Turkish and Azeri venture SOCAR Turkey Yatirim, the sole owner of the project of construction of STAR oil refinery in Turkey. The transaction price was $59.39 million. The buyer was Rafinery Holding, a 100% subsidiary of SOCAR Turkey Energy A.S., a SOCAR structure.
Thus, after the transaction, SOCAR Turkey Enerji holds 60% in the STAR project, and the state oil fund of Azerbaijan holds the other 40%. In October 2011, SOCAR Turkey Enerji ceated the fundamentals of STAR oil refinery.
