Contract signed to purchase products from STAR refinery in Turkey

Oil&Gas Materials 27 May 2014 19:43 (UTC +04:00)

Baku, Azerbaijan, May 27

By Rufiz Hafizoglu, Emil Ismayilov - Trend:

Turkey's Petkim petrochemical complex and the SOCAR Turkey Enerji A.Ş. have signed a 20-year contract to purchase crude from the STAR refinery, a message posted by Petkim on the website of Turkey's Public Disclosure Platform said.

SOCAR Turkey Enerji A.Ş. is constructing a new refinery (STAR) in Turkey.

SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex on March 30, 2012, increasing their stakes to 61.32 percent. Some 38.68 percent of the shares are on free circulation on the Istanbul Stock Exchange.

The Petkim complex will purchase some 270,000 tonnes of mixed xylenes and 1.6 million tonnes of naphtha from the STAR refinery per year, the message said.

Previously, Turcas Petrol sold its entire 18.5 percent equity stake in the Star refinery in the province of Izmir to Rafineri Holding A.Ş. (fully owned by SOCAR Turkey Enerji A.Ş.).
With the sale, the share of the Rafineri Holding A.Ş. company in the STAR refinery hit 60 percent. The remaining 40 percent share is owned by SOCAR.

The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million tonnes at the Star refinery. Currently, more than 80 percent of Petkim's naphtha needs are ensured through imports. After a new refinery is commissioned, the dependence on imports will be reduced to zero.

Along with naphtha, the new refinery will produce diesel fuel with ultra-low sulfur to the amount of 5.95 million tonnes, aviation kerosene - 500,000 tonnes, reformate - 500,000 tonnes, petroleum coke - 630,000 tonnes, liquefied gas - 240,000 tonnes, mixed xylene - 415,000 tonnes, olefin LPG - 75,000 tonnes and 145,000 tonnes of sulfur. The refinery will not produce petrol and fuel oil.

Edited by C.N.