Turcas to reduce its share in star oil refinery

Turkish media reported that this will happen at the expense of sale of 13.5% out of 18.5% share of Turcas Grupu SOCAR-Turkey, daughter company of SOCAR in Turkey, in the Star oil refinery in Izmir, Turkey.

The official statement of the Turkish company says that the results of sale will be announced after signing of the agreement between the two companies. If the deal takes place, share of the Turkish company in the daughter company will reduce to 5%.

At present Rafineri Holding AS (founded by SOCSR-Turkey) owns 41.5% shares of the oil refinery. Turcas Grupu owns 18.5% and 40% more shares of the oil refinery are owned by SOFAZ.

The information about sale of share of Petlim Limancilq, which is owned by Petkim Holding (SOCAR Turkey), has been recently disseminated. Before that the company has started talks with the US Goldman Sachs investment company. SOCAR plans to use profit from sale of Petlim to increase its share in the Star oil refinery project. SOCAR Turkey President Kenan Yavuz said that size of the share will vary within 25%.—0---