First product schedule from new SOCAR refinery announced

Oil&Gas Materials 4 December 2012 17:19 (UTC +04:00)

Azerbaijan, Baku, Dec. 4 /Trend E.Ismayilov/

SOCAR plans to obtain products from the first installations of a new refinery to be built in Turkey in 2016, SOCAR head Rovnag Abdullayev said on Tuesday.

He said the excavation of about 8 million cubic meters will be carried out under the project.

It is planned to sign EPC (Engineering, procurement and construction) contract in January in the frame of a new processing plant construction.

Up to $6 billion will be sent for the construction of a new refinery in Turkey - STAR. The project will be financed through shareholders' funds (30 percent), which will account for about $1.8 billion and through the bank loans (70 percent).

The principal purpose is to provide Petkim with raw materials, in which SOCAR has equity participation.

The annual naphtha production will be 1.66 million tons in STAR. Today, over 80 percent of the needs of Petkim in naphtha are met through imports whose dependence will fall to zero after the opening of the refinery.