Investments in SOCAR’s Star Refinery to return in 11-13 years
Baku, Azerbaijan, Sept.20
By Leman Zeynalova – Trend:
Investments made in Star Refinery of Azerbaijan’s state oil company SOCAR in Turkey are estimated to return in 11-13 years, Trend reports citing CEO of SOCAR Turkey Energy Zaur Gahramanov.
“We built the Star Refinery with $6.3 billion worth investment. The refinery is able to process 10 million tons of crude oil per year. It produces 4.8 million tons of diesel, 1.6 million tons of naphtha, 320,000 tons of liquefied petroleum gas (LPG), 1.6 million tons of jet fuel and 700,000 tons of petroleum coke,” he told Turkish media.
Star Refinery will draw down Turkey's current account deficit by $1.5 billion per year, said Gahramanov, adding that the refinery’s product range meets Turkey's demand.
The CEO said that the crude oil for Star refinery is currently imported from Russia and Iraq.
The opening ceremony of the Star oil refinery took place on October 19, 2018 in Izmir, Turkey.
The total refining capacity of the refinery will be 10 million tons. The refinery will significantly reduce the dependence of Turkey on imports of petrochemical products.
The refinery worth $6.3 billion was built by SOCAR in the Aliaga District of Izmir.
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