Turkish Petroleum International AS will be established to operate the natural gas field holding 405 billion cubic meters of natural gas discovered in the Black Sea, with a capital of USD 1.65bn.
Turkish Petroleum Overseas Company Limited (TPOC), the subsidiary of Petroleum Pipeline Company (BOTAS) and Turkish Petroleum Corporation (TPAO) has decided to establish three new companies. Accordingly, their founding capital has been determined as USD 1.65bn equivalent TRY.
The company will also operate the Sakarya gas field
The Ankara-based Turkish Petroleum International AS will become operational with 1.65 billion shares, each of which will be valued at USD 1. The company’s TRY-denominated capital amounts to TRY 11.8bn, according to the current foreign exchange rates. Turkish Petroleum International AS will operate as the parent company to evaluate the natural gas reserve holding 405 billion cubic meters of natural gas discovered in the Sakarya gas field.
The offshore technology center
The Istanbul-based company in which TPOC will become the volume share holder has been specified as Turkish Petroleum Off-Shore Technology Center AS. The capital of the company to be established with 3 million shares, has been determined as TRY 21.45m. Each of shares will be valued at USD 1. The company will operate in hydrocarbon exploration, drilling and production technology as well as solution development.
BOTAS International AS
BOTAS will be the controlling shareholder in the third company, which will be established under the name of BOTAS International AS. The company will become operational with 500,000 shares, each of which will be valued at USD 1. The company’s TRY-denominated capital is valued at TRY 2.57m, according to the current foreign exchange rates. BOTAS also has a subsidiary carrying the same name, however the subsidiary has the limited company status.