BAKU, Azerbaijan, Apr.5
By Leman Zeynalova - Trend:
SOCAR Turkey began to invest in expanding the STAR Refinery’s storage capacity and operational flexibility last year and is still continuing, Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov told Trend.
“In this context, we launched the Improving Refinery Flexibility, Operability and Profitability Project (IFOP), which has an investment budget of approximately $45 million. We plan to complete our new investments in 2022. The total value of these investments stands at $600 million, including the IFOP project with the major part accounting for creating additional storage capacity,” he said.
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 stood at 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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