Azeri state energy company SOCAR has raised its stake in a joint-venture with Turkish company Turkas Energy to 75% from a previous 51%, Turkas said in a statement.

SOCAR has acquired 23.98% from Aksoy Holding, which owns 0.02% in the JV after the deal. Turkas owns the remaining 25%.

SOCAR/Turkas JV was set up in 2006 to invest in projects in the oil, oil refinery and chemical sectors and for selling natural gas in Turkey. It plans to construct an oil refinery in Turkey with a capacity of 10 million tons per year and to create port infrastructure.

Investment in both projects is estimated at about $5 billion. The refinery will supply major Turkish petrochemicals firm Petkim, which is controlled by SOCAR. Its main products will be gasoil, jet gasoline, naphtha produced for domestic consumption in Turkey as well as for export.