Turkey's Turcas Sells Oil Refinery Project Stake to SOCAR

Turkish integrated energy company Turcas Petrol [BIST:TRCAS] said its unit Turcas Rafineri Yatirimlari sold its 18.5% stake in the owner of the Star oil refinery project in western Turkey to Rafineri Holding, a wholly-owned unit of Azeri state-owned oil and gas firm SOCAR for $59.39 million (43.3 million euro).

The transfer of Turcas' stake in SOCAR Turkey Yatirim was completed as of May 15, Turcas Petrol said in a bourse filing on Thursday.

Before the transaction Rafineri Holding owned a 41.5% stake in SOCAR Turkey Yatirim.

The remaining 40% stake in SOCAR Turkey Yatirim belongs to Azerbaijan's economy ministry, Turcas Petrol said in a previous statement on the deal.

Source:SeeNews