Turkish Gubretas, SOCAR Turkey Energy to create JV (UPDATE)

Details added (first version posted on 14:24)

Baku, Azerbaijan, Feb.1

By Leman Zeynalova – Trend:

Turkish Gubre Fabrikalari TAS (Gubretas) company, engaged in production and marketing of chemical fertilizers and SOCAR Turkey Energy, an affiliate of Azerbaijan’s state oil company SOCAR in Turkey, will create a joint venture (JV), Trend reports with reference to Gubretas.

Gubretas announced the signing of a letter of intent to create a joint venture with SOCAR Turkey Energy with a 50 percent share each to import carbamide from SOCAR petrochemical plants and from other manufacturers in the neighboring geography and sell this carbamide in Turkey’s domestic market and in foreign markets, reads the message from Gubretas.

SOCAR told Trend that the memorandum has been signed and it is considered as an initial agreement.

“The commercial details will be disclosed after signing the final agreement with the partner company,” said the state oil company.

Gubre Fabrikalari TAS (Gubretas) is a Turkey-based company engaged in the production and marketing of chemical fertilizers, including solid fertilizers, liquid fertilizers, powder-based fertilizers and organic fertilizers. It also provides soil analysis services to farmers, advising on the appropriate fertilizer to be used.

SOCAR is the sole producer of petroleum products in Azerbaijan. The company also has filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

SOCAR is represented in Turkey by its subsidiary SOCAR Turkey Energy. So far, SOCAR Turkey Energy has invested over $14 billion in the Turkish economy. Meanwhile, 5,000 people work in the company and its annual export potential reaches $3 billion. Among SOCAR’s current assets in Turkey are the Petkim petrochemical complex, the STAR refinery and the Petlim port.

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