ISTANBUL
Turcas Petrol plans to sell its entire share holding in STAR, Turkey's biggest refinery project, with an annual crude oil processing capacity of 10 million tons, to Refinery Holding A.S., a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR).
Turcas Petrol had previously announced the sale of 13.5 percent of its share earlier to Refinery Holding A.S.
SOCAR's share in the STAR refinery SOCAR Turkey Aegean Refinery, will increase to 60 per cent if the deal is completed, while the remaining 40 percent belongs to Azerbaijani state.
The state-owned oil and natural gas company had previously acquired Petkim, the leading Turkish petrochemical company, in 2008 becoming a prominent player in the petrochemical sector.
In 2011 SOCAR and Turcas Petrol started the construction of a big refinery complex in Izmir on Turkey's Aegean coast. The project, with a fixed capital investment of $4.2 billion, aims to relieve Turkey's petrochemical sector of its dependence on energy imports of petroleum products.
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