SOCAR and LUKOIL set sights on joint Turkish asset investment

By Jonathan Dyble
SOCAR, Azerbaijan’s 100% state-owned oil company, and Russian energy giant LUKOIL PJSC are considering a joint venture into acquiring some of Turke...

SOCAR, Azerbaijan’s 100% state-owned oil company, and Russian energy giant LUKOIL PJSC are considering a joint venture into acquiring some of Turkey’s new fuel assets.

The news comes from LUKOIL’s Vice President for sales and supplies, Vadim Vorobev, who states that the Turkish market is of significant interest to the company, with the Russian firm occupying 5-6% of the Turkish retail fuel market.

“Our company is studying opportunities to expand its share in the Turkish market. We discussed with SOCAR representatives the issue of acquiring the assets of third companies in the Turkish market. A concrete decision on this issue hasn’t been made yet,” he said.

See Also:

It has been reported by Turkish journalists in Moscow that LUKOIL has set aside $1bn in the event of a deal coming to fruition.

Despite operating in the gas, oil and petrochemical sectors of 40 different economies, Turkey remains one of SOCAR’s key hubs.

SOCAR is expecting to see a consolidated turnover in excess of $15bn in 2018, with the aim of becoming Turkey’s biggest industrial company by 2023, surpassing Koç Holding.

Share

Featured Articles

Honeywell debunks hydrogen energy and its global challenges

Maya Gomez, Director of Green H2 CCM at Honeywell, uncovers the different types of hydrogen and the challenges of applying them for more sustainable energy

ABB Motion & WindESCo partner to strengthen wind energy

ABB Motion invests in WindESCo to sustain wind turbine performance, in a renewable energy drive that will help ABB in its net zero ambitions

Shell Energy UK and Germany acquired by Octopus Energy

Octopus delivers industry leading service whilst investing in clean energy systems — we will deliver this to the new customers too, says CEO Greg Jackson

Sustainability LIVE links to energy and electrification

Sustainability

Green energy: A hot topic at Sustainability LIVE 2023

Sustainability

Sustainability LIVE London sells out on 2023 conference

Sustainability