SOCAR's STAR refinery in Turkey's İzmir to be inaugurated today

19/10/2018 09:01 Oil Market

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The State Oil Company of Azerbaijan Republic's (SOCAR) Turkey Aegean Refinery (STAR) in İzmir's Aliağa district will be inaugurated today.

The plant took seven years to build and is expected to reduce Turkey's annual foreign trade deficit by at least $1.5 billion.

 

The refinery, which constitutes a significant share of SOCAR investments in Turkey, will be inaugurated by President Recep Tayyip Erdoğan and his Azeri counterpart İlham Aliyev.

 

The $6.3-billion refinery is the largest single-location real sector investment in Turkey's history and will be one of the biggest petroleum and gas operations in Europe, the Middle East and Africa.

 

The refinery was built by SOCAR, which began investing in Turkey after it acquired the country's leading petrochemical company Petkim in 2008 for $2 billion. Construction at the refinery began in 2011.

 

With an annual production capacity of 10 million tons of crude oil, the refinery will also produce 1.6 million tons of naphtha, and 1.6 million tons of jet fuel. Some 4.5 million tons of low-sulfur diesel that the Petkim refinery needs will also be produced at STAR.

Source: dailysabah.com

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