SOCAR Turkey to complete $600M worth project in 2021

Oil&Gas Materials 2 January 2021 12:54 (UTC +04:00)
SOCAR Turkey to complete $600M worth project in 2021

BAKU, Azerbaijan, Jan.2

By Leman Zeynalova – Trend:

Additional investments are planned to increase the operational flexibility and storage capacity of the STAR Refinery of Azerbaijan’s state oil company SOCAR in Turkey, Trend quoted Zaur Gahramanov, chief executive officer of SOCAR Turkey, as saying.

"We plan to complete the project with an investment value of $600 million, which will provide 342,000 cubic meters of additional storage capacity to the refinery in 2021. We are about to commission the IFOP Project (Improving Flexibility, Operability and Profitability of the STAR Refinery), which will cost $45 million,” he told Turkish media.

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.


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