Azerbaijan, Baku, Oct.26 / Trend, E.Ismayilov /
The construction of the new STAR oil refinery in Turkey will reduce Petkim's dependence on naphtha imports to zero, Petkim told Trend on Wednesday.
"The STAR plant's annual production of naphtha, which is used in Petkim as main raw material will hit 1.66 million tons," Petkim said.
The plant will not focus on only one grade of oil. It will be possible to process Russian (Ural), Azeri and Iranian oil here.
Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur content in the volume of 5.95 million tons, jet fuel in the amount of 500,000 tons, petroleum coke - 630,000 tons, liquefied natural gas - 240,000 tons, mixed xylene - 415,000 tons, olefinic liquefied gas - 75,000 tons and 145,000 tons of sulfur, Petkim said.
A solemn ceremony to lay the foundation of the new oil refinery was held in the Turkish city of Izmir on Oct.25.
SOCAR-Turcas JV, in which SOCAR has a 75 percent share, owns 51 percent of shares of Petkim. The new refinery will be primarily focused on providing raw material for this complex.
The cost of the new oil refinery exceeds $5 billion. The oil refinery's capacity will hit 10 million tons per year. Oil products manufactured at the plant will be directed to cover the needs of Petkim, the domestic market of Turkey and the countries of the Mediterranean region.
The construction will be the biggest investment of a single project in Turkey's private sector.