Turkey: Turcas Sells Joint Venture Stake to SOCAR
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Wednesday, 11 January 2012 |
The State Oil Company of Azerbijan (SOCAR) has acquired a 25% stake in Socar & Turcas Enerji from its partner in the firm, Turkish fuel retailer Turcas Petrol. In a separate transaction, Turcas bought 18.5% of Socar & Turcas Rafineri from Socar & Turcas Enerji.
The sales come as Turcas looks to shift from the petrochemicals business to focus more on retailing and refining fuel. As part of the linked transactions, Erdal Aksoy and Saffet Batu Aksoy resigned from the executive board of Petkim Petrokimya Holding, which is controlled by Socar & Turcas Enerji.
PetrolWorld 11012012
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