SOCAR and LUKOIL set sights on joint Turkish asset investment

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.

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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.