Turcas Eyes Gas Investments in Iran
Turcas Petrol CEO Batu Aksoy says the Turkish-listed energy company is eyeing gas, petrochemicals, and renewable energy targets in Iran.
"Our aim is to become regional leader in the region, both on natural gas and oil. Currently, we're holding talks with companies in Iran for investment," Aksoy said on the sidelines of the annual shareholders meeting of the company in Istanbul on May 3.
"We want to invest in Iran with a local partner. Also we may consider a joint venture with a multinational energy company," he said.
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Gas and petrochemicals will be the priorities for investment in Iran, he noted. "We may consider acquisitions natural gas or petrochemicals assets in Iran, as well as buying semi-finished projects for the investment," he said.
He didn't disclose any war chest for acquisitions in the country. However Turcas Petrol has assets over $2bn according to its financial statements.
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Future acquisitions will be financed with internal resources, Aksoy said, adding that the firm has a solid financial position.
The company has had 50/50 fuel retailing joint venture since 2007 with Anglo-Dutch oil giant Royal Dutch Shell, called Shell & Turcas Petrol (STAŞ), plus a power generation joint venture with Germany's RWE.
Murat Basboga