Azerbaijan allocates over $760 million for refinery construction in Turkey

Baku, Azerbaijan, Oct.22

By Emil Ismayilov - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) has allocated 596.1 million AZN as of October 1, 2014 within the framework of Azerbaijan's financing the construction project of a new refinery of SOCAR (State Oil Company of Azerbaijan) in Turkey, SOFAZ told Trend Oct.22.

The official exchange rate for October 22 is 0, 7843 AZN / USD.

SOCAR Turkey Yatirim JSC (with an authorized capital of $1.9 billion and a 40 percent public share) was established in line with Azerbaijani President Ilham Aliyev's decree on additional measures to support the participation of Azerbaijan in the Star refinery construction project in Turkey.

The government's 40 percent share (worth $760 million) in the SOCAR Turkey Yatirim will be funded by the State Oil Fund of Azerbaijan (SOFAZ), according to the decree.

Some 223.5 million AZN were allocated from the State Oil Fund of Azerbaijan to finance this project in January-September 2014.

The total cost of the project on the construction of SOCAR's refinery in Turkey exceeds $5 billion.

The annual production of naphtha at the Star factory, used by Petkim petrochemical complex, in which SOCAR has equity participation, will account to 1.66 million metric tons as the main raw material. Currently, more than 80 percent of the needs of Petkim in the naphtha are provided by imports, and with the introduction of a new refinery the dependence on imports will be reduced to zero.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which is exported by the company.

SOCAR and a consortium of Tecnicas Reunidas SA, Saipem SpA, GS Engineering & Construction Corp and Itochu companies signed an EPC- contract (Engineering, procurement and construction) in May 2013, to construct the Star refinery.

In October 2013 the Turkish city of Izmir hosted a ceremony of laying the foundation of a new refinery.

The plant plans to reprocess such types of crude oil, as Azeri Light, Kerkuk and Urals.

Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur to the amount of 5.95 million metric tons, aviation kerosene - 500,000 metric tons, reformate - 500,000 metric tons, petroleum coke - 630,000 metric tons, liquefied gas - 240,000 metric tons, mixed xylene - 415,000 metric tons, olefin LPG - 75,000 metric tons and 145,000 metric tons of sulfur. The refinery will not produce petrol and fuel oil.

SOFAZ was established in 1999 with assets of $271 million.

The assets of SOFAZ as of October 1, 2014 have grown by 3.98 percent compared to early 2014 ($35.877 billion) and stood at $37.305 billion

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

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