TURKEY

Turcas And Socar Seek $4Bn To Finance Planned Aegean Refinery

Turkey’s downstream company Turcas Petrol and Azerbaijan’s state-owned oil and gas company Socar are seeking a $4bn loan to finance the construction of a new $5bn refinery to be located in the Aliaga region on the Aegean Sea. The two partners in the Socar Turcas Aegean Refinery (Star Rafineri) will supply $1bn in equity towards the project. Socar holds 81.5% and Turcas 18.5% of the project, which will be...