Turcas Petrol sells share in Star Refinery project

Turcas Petrol sells share in Star Refinery project

Baku, Azerbaijan, March 26

By Emil Ismayilov - Trend:

Turkish Turcas Petrol, a participant in the project construction of SOCAR `s (State Oil Company of Azerbaijan) Star refinery in Izmir, started negotiations for the sale of its shares in the project, Turkish media reported. Turcas Petrol owns 18.5 per cent share in the project.

Previously, Turcas Petrol intended to sell only 13.5 percent of its share retaining five percent of the project.

At present the sharing arrangement in the project is as follows: 41.5 per cent share in the Star refinery is owned by Rafineri Holding A.S. (100 per cent owned by SOCAR Turkey Enerji A.S, 18.5 percent - Turcas Petrol and 40 percent - SOCAR.

In the case of SOCAR`s purchase of a Turcas Petrol share in the project, the oil company`s share will increase to 60 percent, according to the Turkish media.

In May 2013, SOCAR signed an EPC contract (Engineering, Procurement and Construction) with a consortium of companies to build the STAR oil refinery. The winner of the tender was an alliance of companies, Tecnicas Reunidas S.A., Saipem S.p.A, GS Engineering & Construction Corp and Itochu.

It is planned to carry out the processing of such types of crude oil as Azeri Light, Kirkuk and the Urals at the refinery.

At the STAR plant, the annual production level of naphtha which is used as a primary raw material by Petkim, will be 1.66 million tons. Currently, more than 80 per cent of Petkim's needs in naphtha are met through imports, but with the introduction of a new oil refinery, dependence on imports will be reduced to zero.

Along with naphtha, the new refinery will produce diesel fuel with ultra-low sulphur at a level of 5.95 million tons, as well as 500,000 tons of aviation kerosene, 500,000 tons of reformates, 630,000 tons of petroleum coke, 240,000 tons of liquefied gas, 415,000 tons of mixed xylol, 75,000 tons of olefin liquefied gas and 145,000 tons of sulphur. The refinery will not produce gasoline and fuel oil.

Translated by S.I.
Edited by S.M.

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