New partner in SOCAR`s refinery in Turkey considered

Baku, Azerbaijan, July 7
By Emil Ismayilov- Trend:

The State Oil Company of Azerbaijan is considering the possibility of entering a new partner in the shareholding structure of the "Star" refinery which is under construction in Turkey, the Turkish Milliyet newspaper wrote citing Head of SOCAR Turkey Enerji Kenan Yavuz.

The new partner of SOCAR Turkey Enerji can be both foreign and local companies in this project, he said.

"The share of the new partner in the "Star" refinery will not exceed 10-15 percent," Yavuz noted.

Today, the share distribution in the project as follows: 60 percent of share in the "Star" refinery belongs to "Rafineri Holding A.S." (100 percent owned by "SOCAR Turkey Enerji A.S."), which had previously acquired the remaining 18.5 percent share of "Turcas Petrol" in the project and 40 percent in SOCAR.

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

SOCAR signed loan agreements totaling $3.29 billion with around 23 financial institutions in the Turkish city of Istanbul on June 6, SOCAR Turkey Energy said. The agreements have been signed as part of constructing a new Star refinery in Turkey. The loan package consists of the funds of export-import banks (Spain, Italy, Japan, U.S. and the Republic of Korea), some 16 foreign trade and investment banks, as well as one local bank.

The oil refinery is to be commissioned 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 CN

Iran reveals COVID-19 data for January 21
Iran reveals COVID-19 data for January 21
Iran reveals COVID-19 data for January 20
Iran reveals COVID-19 data for January 20
Iran, Cuba joint COVID-19 vaccine to begin new phase of testing in Havana
Iran, Cuba joint COVID-19 vaccine to begin new phase of testing in Havana
Loading Bars
Latest
Signing of Memorandum marks fundamentally new stage in energy cooperation between Turkmenistan and Azerbaijan in Caspian Sea - President of Turkmenistan
Transport and logistical cooperation between Azerbaijan, Turkmenistan will reach even higher level - President Aliyev
Signing of Memorandum on “Dostlug” field is result of many years of consistent action by our countries - President of Azerbaijan
Caspian Sea is sea of peace and good neighborliness - President of Azerbaijan
Signing of memorandum on “Dostlug” field is significant event that will have positive consequences - President Aliyev
Today's signing ceremony opens new page in development of Caspian's hydrocarbon resources - President Aliyev
Iranian government hopes for changes in new budget bill
Azerbaijan, Turkmenistan starting joint work on development of field in Caspian Sea for first time - President Aliyev
Russia remains key consumer of Uzbek vegetables and fruits
Georgia increases oil imports from Azerbaijan
Iran exports 12m euros worth of fibers in eight months
Azerbaijan plans to hold first auction on renewable energy sources this year
Easing monetary policy contributes to multiple growth in money supply in 2020 - CBA
Azerbaijan suspends import of live poultry and poultry products from several countries
Pashinyan's confession on Shusha destroys absurd statements of Armenian officials
Anglo Asian Mining restores its contract areas in formerly occupied lands of Azerbaijan
Half of Azerbaijan's population economically active as of 2020
Azerbaijan disseminates footage from Kendyeri village of Kalbajar district (PHOTO/VIDEO)
TANAP’s gas supplies exceed 9 bcm
U.S. weekly jobless claims decline moderately
Georgian Sweeft Digital company to cooperate with Berlin-based software company in open banking field
Flydubai resumes flights to Georgia
Construction of KAMAZ service centers in Turkmenistan to allow implementation of new projects
SOCAR Aviation starts supplying fuel to Izmir Adnan Menderes Airport
Standard & Poor's predicting growth in Azerbaijani Pasha Bank's 2021-22 capitalization
Turkish YDA Holding constructing multidisciplinary hospital in North Kazakhstan
Total cost of cars exported by Georgia to Azerbaijan down
Reforms in real sector of economy to be main drivers of Uzbekistan’s economy in 2021
Georgia reduces imports of building materials from Azerbaijan
Iran's Sefiddasht-Shahrekord railway project progressing
Azerbaijani population’s nominal income down in 2020
Kazakhstan decreases petroleum oils export to Lithuania amid COVID-19
Azerbaijan confirms 770 more COVID-19 recoveries
No Tsunami risk after 7.0 magnitude quake at sea near Philippines
Number of new apartment transactions down in Georgia's Tbilisi - Colliers International
Azerbaijan shows footage from Dordchinar village of Fuzuli district (PHOTO/VIDEO)
KAMAZ, Turkmenistan work to expand supply, technical support of vehicles in country
Asset quality of Georgian TBC Leasing' deteriorates in 9M2020
Samarkand region leads in total production volume of Uzbekistan’s agriculture, forestry and fisheries fields
Georgia reduces export of cattle to Azerbaijan
Volume of passenger traffic by all vehicles in Azerbaijan down
Azerbaijani minister denies possibility of selling SOCAR’s shares
Azerbaijani ministry talks about project of North-South international transport corridor
Azerbaijan sees decline in 2020 alcoholic, tobacco production
Azerbaijan records slowdown in cargo movement by all types of transport
Kazakhstan amending agreements on int'l road traffic with Georgia
Volkswagen faces EU fine for missing 2020 emissions targets
EBRD supports Georgian currency and capital markets dev't to promote economic resilience
Kazakhstan's revenue from maritime cargo transport surges
Data on 2020 cargo traffic via TRACECA's Azerbaijani segment revealed
Azerbaijan appoints new coach for Women's Artistic Gymnastics national team
Dostlug field to help develop Azerbaijan’s petrochemicals industry – Bryza
Kazakhstan meets local demand in meat by boosting annual production
Azerbaijan reveals 2020 maritime cargo handling figures
Azerbaijani citizens arrested in Libya set free, return home
Azerbaijan discloses amount of Kapital Bank’s deposits accounting for legal entities
Uzbekistan reports increase in cars imports for 2020
Net profit of Georgian commercial banks down
Rehabilitation of tea plantations to enter active phase in 2021 in Georgia
Azerbaijan to make environmental monitoring by UAVs in liberated territories
Azerbaijan - one of most secured countries in CIS with int'l reserves - Gazprombank
Azerbaijan uses innovative method of covered wagons to import Turkish products (PHOTO)
Kazakh, Uzbek companies agree on joint manufacturing of kitchen stoves, water heaters
Iran reveals COVID-19 data for January 21
Azerbaijan Industry Bank’s total assets down in 2020
Iran’s NISOC boosts oil extraction
Uzbekistan’s Central Bank keeps base rate unchanged
Georgia’s beer export to Azerbaijan down
Bitcoin slumps 10% as pullback from record continues
Azerbaijan, Turkmenistan sign memorandum on joint development of Dostlug field
Azerbaijani, Turkmen FMs talk significance of joint collaboration on Caspian Sea (PHOTO)
Kazakhstan taking measures to boost investments co-op with IFC
Iran’s Bahar Azadi gold coin price continues to rise
Turkmenistan considers co-op with number of Austrian pharmaceutical companies
State Commercial Bank Turkmenistan opens tender for consulting services
Iran launches mega refinery project
Important facilities to be upgraded in Iran's Razavi Khorasan Province
Georgian medicine export to Azerbaijan decreases
MoU on Dostluk oil & gas field is new milestone in dev’t of Azerbaijan-Turkmenistan ties - SOCAR
Azerbaijan increases gas export along Baku-Tbilisi-Erzurum route
Azerbaijan discloses total capital of ASB Bank
Azerbaijani banks buy more foreign currency at CBA's auction
Uzbekistan reveals share of retail trade turnover in 2020
Kazakhstan’s only lowcoster launching flights on more new routes
Uzbek-Korean JV to buy electric motor via tender
Azerbaijani ASB Bank reveals its 2020 net income
Azerbaijani SOCAR suspends work offshore, open onshore areas due to bad weather
China remains Uzbekistan’s main trade partner in 2020
Precious metal prices up in Azerbaijan
Turkmenistan bank opens tender for audit
Azerbaijan to open bus routes to Shusha and other liberated lands
Demand for notes of Azerbaijani Central Bank significantly exceeds supply
Azerbaijan looking to create favorable conditions for Turkish investors
Geostat reveals volume of gas imported by Georgia from Azerbaijan
Uzbekistan reveals COVID-19 data for January 21
Kazakhstan’s national atomic company reports COVID-19 cases at its JV with France
Meeting through video conferencing held between presidents of Azerbaijan, Turkmenistan (PHOTO)
Azerbaijan ups trade turnover of food, beverages, tobacco products in 2020
Suicide attack kills three, injures 16 in central Baghdad market
Azerbaijan to be telecommunication hub between Europe, Asia via TASIM implementation
All news