SOCAR signs loan agreements as part of refinery construction in Turkey (UPDATE)

Details added (first version posted at 16:06)

Baku, Azerbaijan, May 8

By Emil Ismayilov - Trend:

Azerbaijani State Oil Company (SOCAR) signed agreements with financial institutions as part of a project on construction of a new Star oil refinery in Turkey.

The agreements' total worth is $3.5 billion, Turkish Hurriyet newspaper said Thursday, May 8.

Meanwhile, $3 billion out of the total borrowings accounted for export-import banks (Spain, Italy, Japan, the U.S. and South Korea) and 15 commercial foreign banks. Some $500 million will be provided by the Turkish "Garanti Bankası".

The loans will be allocated for a 18-year period. The oil refinery is planned to be commissioned in 2018.

SOCAR Turkey Yatirim JSC (with an authorized capital of $1.9 billion and a 40 percent public share) was established in line with Azerbaijani President Ilham Aliyev's decree on additional measures to support the participation of Azerbaijan in the Star refinery construction project in Turkey.

The government's 40 percent share (worth $760 million) in the SOCAR Turkey Yatirim will be funded by the State Oil Fund of Azerbaijan (SOFAZ), according to the decree.

Some $475 million were allocated from the State Oil Fund of Azerbaijan to finance this project.

The total cost of the project on the construction of SOCAR's refinery in Turkey exceeds $5 billion.

The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million 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 tons, aviation kerosene - 500,000 tons, reformate - 500,000 tons, petroleum coke - 630,000 tons, liquefied gas - 240,000 tons, mixed xylene - 415,000 tons, olefin LPG - 75,000 tons and 145,000 tons of sulfur. The refinery will not produce petrol and fuel oil.

Translated by E.A.

Edited by S.I.

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