BAKU, Azerbaijan, Oct.30
By Leman Zeynalova – Trend:
The investment value of STAR Refinery of Azerbaijani state oil company SOCAR in Turkey will reach approximately $7 billion, Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov said, Trend reports citing Turkish media.
STAR Refinery is making $ 1.5 billion worth contribution per year to reduce the current account deficit in Turkey, he noted.
Mammadov pointed out that SOCAR is Turkey's largest foreign direct investor. The company’s investments in Turkey have so far exceeded $ 16.5 billion of the total of the actual investment in Turkey.
“When our ongoing investments are completed, this figure will rise to $19.5 billion,” he explained.
The STAR refinery’s opening ceremony took place on October 19, 2018 in Izmir, Turkey. Its refining capacity is 10 million tons of crude oil per year.
The STAR refinery, which has been equipped with the most modern technologies, is capable of processing more than 100 types of oil.
---
Follow the author on Twitter: @Lyaman_Zeyn