23 May 2012 16:02

SOCAR could capture slice of retail oil-product market in Turkey

BAKU. May 23 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR) intends to enter the retail market for oil products in Turkey, the Turkish news website gazetea24.com reports.

SOCAR could enter that market by means of acquiring BP assets in Turkey, the site says.

"Between the two companies there are now negotiations underway, and the parties are already close to reaching an agreement. If no issues arise at the last minute, then an agreement could be signed in the next few days," it says.

BP has 599 filling stations in Turkey. With their acquisition, SOCAR would capture 10% of the market for retail oil products in the country and join the top four companies in this field - in which there are 48.