State Oil Company of Azerbaijan's Turkish subsidiary, Nakkas Holding to create facility for storing, trading aviation fuel in Istanbul

BAKU. Jan 22 (Interfax) - SOCAR Turkiye Enerji, the Turkish subsidiary of the State Oil Company of the Azerbaijani Republic (SOCAR), and the Turkish company Nakkas Holding have signed an agreement to develop railway logistics for transporting SOCAR's products, as well as to cooperate in trading and storing aviation fuel, Turkish media reported.

"SOCAR Turkiye Enerji and Nakkas Holding signed a protocol on long-term cooperation on Tuesday, which covers the development of logistics using railway transportation for SOCAR's products, as well as the creation of a facility for trading and storing aviation fuel at Sabiha Gokcen Airport (Istanbul)," a statement said.

The document was signed by SOCAR Turkiye Enerji President Elchin Ibadov and Nakkas Holding Board Chairman Ramazan Ozturk.

"This strategic partnership is seen as an important step towards further strengthening economic and trade relations between the two brotherly nations of Turkey and Azerbaijan. The protocol once again underscores both companies' commitment to implementing similar projects in the future. SOCAR Turkiye and Nakkas Holding aim to develop initiatives that create economic added value by combining their knowledge and expertise in the relevant sectors," the statement said.

Nakkas Holding was founded in 2023 and consolidates 16 companies operating in four key sectors - oil and petroleum products, renewable energy, industrial investment and mining. It has operated for more than 40 years. Its companies include Transpet Petrolculuk ve Enerji, GTS Investments BV, Global Terminal Services, SAVES Enerji, GGG Petrolleri, Be Aero, Turk Ytong and Nakkas Mining.

SOCAR Turkiye Enerji owns a 51% controlling stake in Petkim Petrokimya Holding. The company also built the STAR Oil Refinery in Turkey, a container terminal and a power plant, and it supplies gas to the domestic market and petroleum products to fueling stations at airports in several major Turkish cities.