TPOC’S CAPITAL RISES TO USD 1BN

The Turkish Petroleum Overseas Company (TPOC), an overseas subsidiary of the Turkish Petroleum Corporation (TPAO), has raised its capital to USD 1bn, according to the Official Gazette. The capital payment will be made by deducting debts of TPOC to TPAO. In case an additional amount remains, it will be paid by allocating funds within the scope of the annual programs. TPOC was authorized in February to establish three companies – Turkish Petroleum International AS, BOTAS International AS and Turkish Petroleum Off-Shore Technology Center AS. The company signed an agreement in 2011 with the Turkish Republic of Northern Cyprus for hydrocarbon exploration. TPOC was engaged in short-time operations in Libya and Kazakhstan following its foundation in 1996, but they were suspended. The company currently operates fields in Azerbaijan and Iraq.