SOCAR’s STAR refinery announces time-frame for supplying first products

Oil&Gas Materials 28 December 2018 10:45 (UTC +04:00)

Baku, Azerbaijan, Dec. 28

By Taleh Mursagulov – Trend:

The STAR oil refinery of the Azerbaijani state oil company SOCAR will supply its products to the market in January 2019, director general of STAR refinery Mesut Ilter said.

“The refinery intends to reach full capacity in early 2019,” Ilter added, Trend reports referring to the Turkish media.

Ilter also denied the information disseminated by media earlier about possible delay in reaching full capacity by the refinery.

"The work is being carried out upon the schedule," he added.

“Investments of about $6.3 billion must be made in refinery and 90 percent have already been invested,” he said.

However, Ilter added, that the total investments are planned to be increased up to $7 billion by 2021.

“Additional investments are planned to be spent for the expansion of areas of warehouses and the creation of the second petrochemical complex,” he said.

The STAR refinery will produce naphtha, ultra low sulfur diesel fuel, jet fuel, petroleum coke, liquefied gas and other products. The refinery will not produce gasoline and fuel oil. The plant plans to process such grades of oil as Azeri Light, Kerkuk and Urals.

Today, the share distribution in the project is as follows: 60 percent is owned by Rafineri Holding (the company is 100 percent owned by SOCAR Turkey Energy), which previously bought out all 18.5 percent of Turcas Petrol's share in the project, and 40 percent - by SOCAR.


Follow the author on Twitter: @TalehMursagulov