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

Details added (first version posted on 13:54)

Baku, Azerbaijan, May 30
By Emil Ismayilov - Trend:

The SOCAR Energy Turkey company signed loan agreements on May 30 with some 23 financial institutions as part of constructing a new Star oil refinery in Turkey.

The agreements' total worth is $3.29 billion, a message posted on the website of Turkey's Public Disclosure Platform said.

Around $2.69 billion of the total volume of the loans has been issued for some 18-year period (the grace period is four years) and the remaining $600 million - for a 15-year period with the grace period of four years, the message said.

As previously reported, some $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 Turkey's Garanti Bankası.

The message posted on the website of Turkey's Public Disclosure Platform doesn't reflect the names of the banks participating in financing this project.

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.

SOCAR and a consortium of companies signed an EPC- contract (Engineering, procurement and construction) in May 2013, to construct the Star refinery.

An alliance of Tecnicas Reunidas SA, Saipem SpA, GS Engineering & Construction Corp and Itochu companies became the winners of the tender for the refinery construction.

It is planned to commission the plant in 2018.

The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million tonnes 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 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.

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