Turcas Petrol and the State Oil Company of Azerbaijan (SOCAR) will seek as much as $4 billion in loans in the second half of 2012 to build a new refinery on the west of Turkey, Trend cites Bloomberg as saying.
Turcas and SOCAR are parties of the joint venture - co-owner of a petrochemical complex Petkim. SOCAR-Turcas started construction of a new oil refinery Star Rafineri AS in Turkey to meet Petkim's raw demand.
According to Aksoy, SOCAR-Turcas joint venture hired Unicredit SpA (UCG), which is holding talks with the export-import credit insurance agencies of the home countries of companies that may bid to build the oil refinery.
"The joint venture plans to inject approximately $1 billion of equity into the refinery and is seeking long-term loans for the remainder of the project. With the condition of European credit markets this isn't an easy process, but we don't foresee any problems," Aksoy said in an interview.
A foundation-laying ceremony of a new refinery in Izmir which will provide raw materials for Petkim was held October 25 in Izmir.
