SOCAR’s giant investment project - STAR Refinery launched
SOCAR, the largest direct foreign investor in Turkey, launched its $6.3-billion SOCAR Turkey Aegean Refinery - STAR Refinery, which will provide a large portion of oil products demand in the local market with 10 million tons of annual oil processing capacity.
In the coming years, SOCAR's new refinery will be a solid contribution to the economies of Azerbaijan and Turkey.SOCAR’s $6.3-billion STAR Refinery, one of the largest investment projects in Turkey, was inaugurated on October 19,
Addressing the event, SOCAR President Rovnag Abdullayev spoke about the STAR project: ''Today is a historic day for us. Because we are launching the STAR Refinery, foundation of which was laid by the leaders of the two countries on October 25, 2011. The STAR Refinery, built and equipped with the world's latest technologies, helps the integration of our petrochemical business and therefore has a strategic importance for our company. The refinery, with
STAR Refinery will strengthen Petkim's and SOCAR’s market power in the Mediterranean region. It will produce naphtha, the main crude material for Petkim, and considerably reduce Turkey's dependence on imports. STAR Refinery will process various types of oil, which is an indication of the refinery’s competitive edge.
R. Abdullayev said SOCAR would continue investments in Turkey after the inauguration of the Refinery. He expressed gratitude to Turkish and Azerbaijani leaders, as well as other state and government officials, to TSGI alliance, the major contractor of the project, international financial institutions involved in financing the project, and everyone who contributed to the construction process of the refinery.
STAR Refinery will meet a quarter of Turkey's oil products demand.
STAR Refinery will help to reduce the current trade deficit in Turkish petrochemical sector, one of the largest oil consumers in Europe, the Middle East and Africa. It will produce oil products such as naphtha, xylene, diesel, aircraft fuel
The Petlim Container Terminal, with a capacity of 1.5 million TEU, is one of the 3 largest ports in Turkey. Around $400 million has been invested in the terminal.
SOCAR's renewable energy project PETKIM Wind Power Plant has a capacity of 51 MWT. The investment in this project totaled 55 million euros. The energy plant connected to Turkey's energy network will significantly contribute to meeting the energy needs of SOCAR in Aliaga.
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