OREANDA-NEWS. July 07, 2011. SOCAR has recently signed a deal to buy 23.98% of Aksoy Company, one of the founders of the SOCAR-Turcas Joint Venture in Turkey. At present, the relevant documents are being prepared by the Turkish state bodies. Before the agreement was signed, SOCAR already owned 51% of the controlling package of shares in SOCAR-Turcas.

By the new acquisition, SOCAR's stake in the joint venture has raised up to 74.98%. Besides, in a decree dated 2 July 2011, Azerbaijani President Mr. Ilham Aliyev approved amendments to the production sharing agreement between SOCAR and nine international oil companies on the development of the Azeri, Chirag and Guneshli offshore fields. Under the amendments, SOCAR is given preferential treatment in increasing its shares in the consortium and repurchasing 1.6461% share in PSA from BP Exploration (Caspian Sea) Ltd.