Turkish integrated energy company Turcas Petrol [BIST:TRCAS] said its unit
Turcas Rafineri Yatirimlari has started talks with Rafineri Holding, a unit of
Azeri state-owned oil and gas firm Socar, on the sale of a 13.5% stake in the
Star Refinery project in western Turkey.
Turcas Rafineri owns 18.5% of
Socar Turkey Yatirim, whose wholly-owned unit Star Rafineri is the owner of the
Star Refinery project, Turcas Petrol said in a bourse filing on
Monday.
The other shareholders in Socar Turkey Yatirim are Rafineri
Holding and the Azerbaijan's economy ministry with stakes of 41.5% and 40%,
respectively.
STAR Refinery is scheduled to start operations in 2016 as
its processing capacity will be 10 million tonnes of crude oil.