BAKU, Azerbaijan, Dec.28
By Leman Zeynalova – Trend:
Star Refinery of Azerbaijan’s state oil company SOCAR in Turkey, has maintained its strong financial position in a lower income environment despite the unfavorable market conditions caused by COVID-19, trade wars, Trend reports referring to SOCAR Turkey’s latest data.
The refinery repaid $228 million worth loan in 2020. The refinery’s ramp up stage proceeded more rapidly than other refineries of this kind.
While the majority of state oil refineries on the Eastern Mediterranean had to reduce or suspend production, Star Refinery’s production capacity utilization rate reached 98 percent. The refinery covered the whole naphtha demand of Petkim petrochemical complex.
The value creation platform was launched at Star Refinery in Q4 2019. As many as 53 projects were developed in detail at this platform in 2020. STAR's EBIT value rose by $55 million thanks to the value creation platform projects.
Star Refinery, with investment value of $6.3 billion came on stream in October 2018. Around $3.3 billion of the project’s cost was covered by loans. The total investment in Star Refinery is expected to stand at $7 billion.
The annual processing capacity of Star Refinery is 10 million tons. It meets around 25 percent of Turkey’s refined oil products. The refinery is able to process 214,000 barrels of crude oil per day.
Follow the author on Twitter: @Lyaman_Zeyn