Turcas initiated a strategic partnership with the State Oil
Company of Azerbaijan Republic (SOCAR) in the last quarter
of 2006, in order to pursue new ventures in oil refining,
petrochemicals investments and natural gas trading.
Consequently, Turcas and SOCAR established a joint venture
company named SOCAR & Turcas Energy A.Ş. (STEAŞ),
owned 25% by Turcas.
SOCAR holds a 25% share in the Baku - Tbilisi - Ceyhan
(BTC) Crude Oil Pipeline, currently operating with an annual
capacity of 50 million tons (1 million bpd). SOCAR and the
State of Azerbaijan owns more than 80% of the crude oil
flowing through this pipeline. Today, this significant quantity
of crude oil is sold to the world markets through the
Ceyhan Terminal.
Additionally, construction of the Baku - Tbilisi - Erzurum
(BTE) Shahdeniz Natural Gas Pipeline was completed in
2007. SOCAR, aside from being a shareholder of this gas
pipeline consortium, controls significant capacities of
natural gas flowing through the line. Today, Turkish stateowned
gas utility BOTAŞ purchases 6.6 billion cubic meters
of natural gas from this pipeline.
Upon completion of the second phase of the Shahdeniz
Project in 2012, greater quantities of natural gas will be
available for export to Turkey and Europe by SOCAR.
Main reason behind SOCAR and Turcas' effort to join their
experiences and activities in the oil business under STEAŞ
is both partners' common goal of becoming the region's
leading integrated oil and gas company. This will be
possible through the planned oil refinery and petrochemicals
investments, securing downstream integration and serving
the nation's economy by transforming crude oil into higher
value oil and petrochemicals products. Further investments
can then be realized utilizing the created values within
the organization.
In this context, STEAŞ participated in the privatization of
51% of Petkim Petrochemical Holding's shares by
establishing a consortium named "SOCAR & Turcas – Injaz",
and was awarded the right to acquire the company by
the Privatization Administration (PA) as per the price
proposed in July 2007.
In relation to this process, STEAŞ established a new
company named SOCAR & Turcas Petrochemicals A.Ş.
(STPAŞ) in April 2008, holding 99.75% of its share
capital. Consequently, STPAŞ acquired 51% of Petkim's
shares on May 30, 2008 for an amount of USD
2,040,000,000 .
|
|
| Company Profile
|
Paid-in Capital
200.000.000 TL
Total Assets
5.561.017.150 TL
Shareholders' Equity
1.344.002.435 TL
Ownership Profile
%51 SOCAR (State Oil Company of Azerbaijan Republic)
%25 Turcas Petrol A.Ş.
%24 Aksoy Holding A.Ş.
Board of Directors
Rövnag Abdullayev - Chairman
Erdal Aksoy - Vice Chairman
Yılmaz Tecmen - Member
S. Batu Aksoy - Member
Vagif Aliyev - Member
David Mammadov - Member
Farrukh Gassimov - Member
|
After the acquisition of Petkim, STEAŞ established SOCAR
& Turcas Refining A.Ş. on September 10, 2008 and applied
to the Energy Market Regulatory Authority (EMRA) on
November 4, 2008 to obtain a "Refinery and Storage
Licence" for the Feedstock Refinery to be constructed in
Aliağa/İzmir.
In the last quarter of 2009, positive EIA (Environmental
Impact Assesment) report has been received from the
Ministry of Environment, marking an important step in the
process. The planned refinery within the Petkim Complex
will have crude processing capacity of 10 million tons per
annum and is to supply some of the oil products currently
imported for domestic need while supplying the Naphtha
requirements of Petkim.
STEAŞ has prioritized the Petkim Feedstock Refinery Project
over the Ceyhan Refinery Project due to its focus on
meeting Petkim's short, medium and long term needs in
a sustainable manner as well as the availability of limited
resources as a result of the global financial turmoil.
On the other hand, STEAŞ plans to import natural gas from
Azerbaijan to Turkey for resale to eligible consumers in
the domestic market, in line with the liberalization of the
gas market in Turkey.
STEAŞ aims to be the one of the most productive integrated
oil and gas companies in and around Turkey, having
acquired Petkim and with plans to build a Feedstock
Refinery and to play a leading role in the importing of
Azeri gas to Turkey.
|
