Turkish Oil Production Market to Become an Advantageous for SOCAR-Turcas Energy

Oil&Gas Materials 11 December 2006 19:25 (UTC +04:00)

Joint-Stock Enterprise SOCAR-Turcas Energy is about to sell produced oil products in the Turkish market, where there are the optimal demand and price now. At the same time, SOCAR does not rule out that a part of the oil products might be exported to other countries, a source in the State Oil Company of Azerbaijan (SOCAR) told Trend.

In the beginning of December, 2006, Rovnag Abdullayev, President of SOCAR and Erdal Aksoy, President of Turkish Oil Company Turcas signed a protocol on establishment of a new joint-stock company.

The aims of the establishment called SOCAR-Turcas Enerji A. S is to determine investments considered for oil refining capacities in Ceyhan, as well as fulfill import and wholesale of gas, and ensure the participation of Turcas in the exploration and development of oil and gas fields in the Caspian.

SOCAR has prepared a wide plan on cooperation for supplying international markets with gas produced from gas condensate field Shahdaniz. Having pointed out that the starting cost of the projects to be implemented in this field would reach $1 bln, the head of Turvas stressed that the main the main aim is to put a large oil refinery plant in Ceyhan within 4 years. The annual capacity of the forthcoming plant is expected to reach 20 mln. Azerbaijan will posses 31 percent out of the initial investments, Turkey 49%.