Turkey's Turcas Petrol in Talks to Sell Oil Refinery Project Stake to SOCAR

Turkish integrated energy company Turcas Petrol [BIST:TRCAS] said its unit Turcas Rafineri Yatirimlari is talks with Rafineri Holding, a unit of Azeri state-owned oil and gas firm Socar, on the sale of its 18.5% stake in the Star oil refinery project in western Turkey.

Turcas Petrol reminded in its bourse filing that in February, Turcas Rafineri opened negotiations with Rafineri Holding on the sale of a 13.5% stake in the refinery.

Turcas Rafineri owns 18.5% of Socar Turkey Yatirim, whose wholly-owned unit Star Rafineri is the owner of the Star Refinery project. The other shareholders in Socar Turkey Yatirim are Rafineri Holding and Azerbaijan's economy ministry with stakes of 41.5% and 40%, respectively, Turcas Petrol said in its statement in February.

The refinery, located in the western Turkish province of Izmir, is expected to have an annual crude oil processing capacity of 10 million tonnes when operational.

Source: SeeNews