SOCAR Star refinery’s products not meant for export – managing director

Baku, Azerbaijan, Nov. 5

By Aygun Badalova - Trend:

Products of SOCAR's (State Oil Company of Azerbaijan) Star refinery in Turkey are not meant for export, Managing Director of the Star Refinery A.S Robert Storey told Trend on November 5.

"Nearly everything produced at the refinery will go to the domestic market. We don't anticipate at this moment the refinery to start any exports," Storey said.

The production, such as low-sulfur diesel, kerosene, A-1 jet fuel, will go obviously to various airlines in Turkey, he added.

LPG and naphta will go to Petkim company, he said.

To complete the construction of the refinery is expected in the first quarter of 2018, according to Storey.

With regards to the works that are currently being carried out within the project, Storey said that they are now getting into placing over a billion dollars worth of equipment on the project.

In October 2013 the Turkish city of Izmir hosted a ceremony of laying the foundation of a new refinery.

The total cost of the construction of SOCAR refinery in Turkey exceeds $5 billion. In accordance with the decree of Azerbaijani President Ilham Aliyev on additional measures to support the participation of the Azerbaijani side in the construction of the Star refinery in Turkey, SOCAR Turkey Yatirim joint-stock company was established with an authorized capital of $1.9 billion (with 40 percent share of the state).

Under the decree, the government's share (40 percent or $760 million) in the joint-stock company will be financed by the State Oil Fund of Azerbaijan.

Moreover, SOCAR signed loan agreements totaling $3.29 billion with around 23 financial institutions in the Turkish city of Istanbul on June 6, 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.

At present, the share distribution in the project is as follows: 60 percent is owned by Rafineri Holding A.Ş. (100 percent owned by SOCAR Turkey Enerji A.Ş.), which had previously acquired all the remaining 18.5 percent share of Turcas Petrol in the project, and 40 percent belongs to SOCAR.

The annual production of naphtha at the Star factory, used by Petkim petrochemical complex, in which SOCAR has equity participation, will account to 1.66 million metric tons as the main raw material. Currently, more than 80 percent of the needs of Petkim in the naphtha are provided by imports, and with the introduction of a new refinery the dependence on imports will be reduced to zero.

The plant plans to reprocess such types of crude oil, as Azeri Light, Kerkuk and Urals.

Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur to the amount of 5.95 million metric tons, aviation kerosene - 500,000 metric tons, reformate - 500,000 metric tons, petroleum coke - 630,000 metric tons, liquefied gas - 240,000 metric tons, mixed xylene - 415,000 metric tons, olefin LPG - 75,000 metric tons and 145,000 metric tons of sulfur.

The refinery will not produce petrol and fuel oil.

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