Baku, Azerbaijan, May 31
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR plans to begin testing equipment at the Star oil refinery in Turkey in July 2017, Zaur Gahramanov, head of SOCAR Turkey Enerji A.S., told reporters May 31.
According to him, the work at the plant continues in line with the schedule, and the project is completed by almost 90 percent.
The plant will start selling its products already in September 2018, noted Gahramanov.
He added that the plant will purchase up to 10 million tons of oil per year and reminded that a memorandum of understanding on deliveries was signed with Rosneft in 2016.
Total cost of SOCAR’s refinery construction project in Turkey exceeds $5 billion.
As of January 1, 2017, the State Oil Fund of Azerbaijan (SOFAZ) allocated $960.2 million for the project’s financing.
Under a decree of Azerbaijan’s President Ilham Aliyev on additional measures to support the participation of Azerbaijan in the construction of the Star refinery in Turkey, SOCAR Turkey Yatirim JSC was created with an authorized capital of $1.9 billion and with 40-percent share held by the state. Under the decree, the state share in the JSC will be financed by SOFAZ.
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