Azerbaijan, Baku, Feb.22 /Trend, A. Taghiyeva /
Some 70 percent of work has been completed on construction of the new Star oil refinery of the State Oil Company of Azerbaijan (SOCAR) in Izmir, Petkim Petrochemical Holding Board Chairman Vagif Aliyev noted, Petkim said in its report on Friday.
According to Aliyev, investments in increasing production capacity and creating new products also continue at Petkim.
The total capacity of the refinery is 10 million tons and oil products produced at the plant will be directed to meet the needs of the Petkim chemical complex and the Turkish domestic market.
Up to six billion dollars will be sent to back the construction of a new oil refinery in Turkey.
The work will be partly financed by shareholders' funds (30 per cent) which will equal $1.8 billion, while the rest will be financed through bank loans, a SOCAR senior representative said earlier.
The annual production capacity of naphtha at the plant which is used by Petkim as a raw material, will reach 1.66 million tons. More than 80 per cent of the Petkim needs in naphtha are provided by imports. With the commissioning of the new refinery, dependence on imports will be reduced to zero.