Baku, Azerbaijan, Feb.24
By - Trend:
Commissioning of a new STAR refinery of SOCAR (State Oil Company of Azerbaijan) in Turkey in the first quarter of 2018 will make it possible to cover the current shortage of oil refined products in the country in the amount of $2.5 billion, the Chief Executive Officer of SOCAR Turkey Enerji A.S. Kenan Yavuz said during the award Best Oil and Gas Project of the Year in Europe, which was awarded to the plant by one of the most prestigious magazines Infrastructure Journal (IJ) Global.
In addition, this first private refinery in Turkey worth $3.29 billion was awarded the nomination "The best deal on financing among refineries."
Seven export-credit institutions from six countries, 13 international commercial banks, two development banks and one Turkish bank participate in the project financing.
Some 10 million metric tons of crude oil processed at this facility will be used for the production of products that were previously imported to Turkey.
It was earlier reported that SOCAR signed loan agreements totaling $3.29 billion with around 23 financial institutions in the Turkish city of Istanbul on June 6, as part of constructing a new Star refinery in Turkey. The loan package consists of the funds of export-import banks (Spain, Italy, Japan, US and the Republic of Korea), some 16 foreign trade and investment banks, as well as one local bank.
The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million metric tons at the Star refinery. 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.
It is planned to refine Azeri Light, Kerkuk and Urals oil at the plant.
Edited by CN