SOCAR President Rovnag Abdullayev and Turcas Petrol Managing Staff chairman Erdal Aksoy concluded an agreement of understanding.

As per the agreement, Azerbaijan (51%) and Turkey (49%) will establish SOCAR&Turcas Joint venture.

The principal aim is to ensure SOCAR's active participation in the sale of oil and natural gas supplies being exported to Turkey via Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum pipelines.

The headquarters of the Company is expected to be based in Istanbul, Azerbaijan's Consul-General in Istanbul, Sayyad Aran told APA.