SOCAR AND TURCAS SIGN PROTOCOL ON ESTABLISHMENT OF JOINT COMPANY
The aim of the newly formed company “SOCAR-Turcas Energy AS” is to determine the investments for oil refining in Ceyhan, carry out the import and wholesale of the natural gas, as well as to ensure Turcas’s participation in exploration and production in the Caspian oil fields.
At the press conference following the signing ceremony, SOCAR President Rovnag Abdullayev pointed out that oil production in Azerbaijan hit the record high over the past 10 months. According to him, 60 mln tons of oil will be produced in Azerbaijan by 2010. According to him, today, Azerbaijan can invest in the oil sector of the foreign countries, with Turkey being the third nation to receive largest Azerbaijan’s investments.
Erdal Aksoy, in his turn, said that Turcas and SOCAR prepared the large-scale plan of cooperation to deliver gas from Shadeniz field to the worlds markets. The initial value of the projects will make up US $ 1 bln dollars. Main purpose is to put into commission the petroleum refinery in Ceyhan within next four years with annual capacity of 20 mln tons, he said. 51% of the primary investments will belong to Azerbaijan, 49% to Turkey.
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