Turcas Petroleum is negotiating on creating a Joint Venture with the State Oil Company of Azerbaijan (SOCAR), Trend reports quoting the Turkish media.
Turcas Petroleum made a statement for the Istanbul Fund Exchange, that the Executive Committee of the Company made a decision on November 9 for Turcas Petroleum to commence negotiations with SOCAR to expand the co-operation and create a JV for production, refinery and sale of the oil and natural gas. In addition, discussions will be held on the refinery and petrochemical facilities establishment.
SOCAR produces oil and gas from its own fields together with the foreign partners. SOCAR participates in the development of the large fields such as Azeri-Chirag-Guneshli and Shah Deniz. SOCAR exports oil and oil products to the world market and sells fuel in the internal market.