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SOCAR receives more licenses in Turkey

SOCAR receives more licenses in Turkey

ANKARA: SOCAR Turkey Enerji A.S. , a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, received 4 more licenses from Turkey’s Energy Market Regulatory (EPDK). The EPDK issued a license for storage of liquefied petroleum gas (LPG) for 15 years, two licenses for 15 years were received for the supply of petroleum products and another license for Storage (warehousing) of oil products, the Turkish Official Gazette (Resmi Gazete) stated on August 16. In total, the EPDK issued licenses to 21 companies in the fields of electricity, oil, natural gas and LPG, and 24 companies had their licenses revoked.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization. Petkim shareholders include SOCAR Turkey Petrokimya A.Ş. with a share of 51 percent, SOCAR Turkey Energy with 1.32 percent and 47.68 percent within free float. It is expected that in 2018, the consolidated turnover of SOCAR Turkey Enerji will reach $15 billion and the company will become the second biggest industrial company in Turkey (the first is Koç Holding) with 5,000 employees and export potential of $3 billion. It sets a goal to become the biggest industrial company of Turkey by 2023.

SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea. The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.