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STAR Refinery pays off over $250M loan in 2020

Oil&Gas Materials 15 February 2021 12:13 (UTC +04:00)
STAR Refinery pays off over $250M loan in 2020

BAKU, Azerbaijan, Feb.15

By Leman Zeynalova – Trend:

STAR Refinery of Azerbaijan’s state oil company SOCAR in Turkey has paid off more than $250 million worth loan in 2020, Trend quoted Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov as saying.

He noted that this was achieved despite the lower refining revenues due to the decrease in oil prices in 2020.

“We continue investments in increasing the refinery’s storage capacity and operation flexibility. In this regard, we will complete $45 million worth project on Improvement of Flexibility, Operability and Profitability (IFOP) of STAR Refinery in 2021. We also plan to complete our new investments worth $600 million in 2022. The major part of those investments will be made in increasing the storage capacity,” Mammadov explained.

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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Follow the author on Twitter: @Lyaman_Zeyn

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