Azerbaijan to enter Turkish oil products retail sales market

Oil&Gas Materials 23 May 2011 17:24 (UTC +04:00)

Azerbaijan, Baku, May 23 / Trend /

The opportunity of cooperation between parties in oil product distribution on the Turkish market will be considered within a memorandum of understanding signed between SOCAR and Austrian OMV. The memorandum was signed in Baku on May 18.

He said OMV is one of the largest distributive systems of selling oil products in the Turkish market.

Last year, OMV increased its share in Turkey's Petrol Ofisi from 41.58 percent to 95.75 percent for $1 billion, thereby taking full control over the Turkish company.

The negotiations with the OMV in this area are SOCAR's preparation for the process of selling its own oil products to be produced at a new oil refinery of the company in Turkey.

The source said that the companies also have the opportunity for cooperation in gas marketing in the European market. In this regard, several directions may be considered, the source said.

The cooperation with OMV is stipulated by the fact that the company is a major participant of the energy market of Europe and Turkey.