Azerbaijan, Baku, Jan. 2 / Trend A.Taghieva/
State Oil Company of Azerbaijan (SOCAR) has increased paid up capital in the Turkish joint venture from 200 million lira to 2.4 billion lira ($1.3 billion), the statement by joint Socar-Turcas venture says on Monday.
According to the information, SOCAR-TURCAS was renamed into SOCAR Turkey Enerji after increase of SOCAR's share in the venture.
The total value in investment portfolio of joint venture is $7 billion, Kenan Yavuz, the managing director of Petkim petrochemical holding company, said.
He said investment into Star oil-refining plant in Izmir is increasing rapidly and around $100 billion have been already spent on the project.
The joint venture also intends to develop projects on creating port and wind stations. The cost of these projects will be around $1 billion.
The TURCAS Petrol and State Oil Company of Azerbaijan (SOCAR) signed an agreement to transfer 25 percent of Turcas Petrol in a joint venture between SOCAR-Turcas to SOCAR
SOCAR has acquired 25 per cent stake of Turcas Petrol for $44 million under the agreement. Before the agreement SOCAR's share in joint venture was 74 percent.
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.
A foundation laying ceremony of a new refinery in Izmir which will provide raw materials for Petkim, was held October 25 in Izmir.
The new refinery will primarily focus on supplying raw material for the complex. The cost of the plant is $5.5 billion and the production capacity is 10 million tons per year. Oil produced in the factory will be directed to meet Petkin's demands, the domestic market in Turkey and the Mediterranean region.
The official exchange rate is 1,8 TRY/USD.