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Azerbaijan increases SOCAR Turkey Yatirim’s authorized capital

Azerbaijan increases SOCAR Turkey Yatirim’s authorized capital
13.03.2017

Azerbaijan has increased the authorized capital of SOCAR Turkey Yatirim JSC, created to support the country’s participation in the construction of the Star refinery in Turkey, reads a report on the activities of Cabinet of Ministers for 2016.

The authorized capital of SOCAR Turkey Yatirim JSC was increased by nearly 27 percent, from $1.9 billion to $2.412 billion.

In addition, the cost of Azerbaijan’s 40 percent share in SOCAR Turkey Yatirim JSC was increased to $964.8 million.

State Oil Fund of Azerbaijan (SOFAZ) allocated $960.2 million as of Jan. 1, 2017 to finance the Star oil refinery’s construction in Turkey.

The Star refinery belongs to Azerbaijan’s state oil company SOCAR.

SOFAZ allocated $200.2 million for the project in 2016.

The total cost of the refinery’s construction exceeds $5 billion.


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