BAKU, Azerbaijan, October 23. The STAR Refinery, operated by the Azerbaijani state oil company SOCAR in Türkiye, is set to undergo a capacity increase to 13 million tons in 2024, according to Kanan Mirzayev, Acting Head of SOCAR Türkiye's Refinery and Petrochemical Business Unit, and Acting General Manager of Petkim, Trend reports.
Mirzayev highlighted the refinery's remarkable achievements in enhancing its capacity with minimal investments by leveraging optimization opportunities within the refinery's design. The refinery's capacity had already been augmented from 10 million tons to 12 million tons, and it is now the objective to further boost it to 13 million tons by 2024.
Moreover, Mirzayev emphasized that, considering the current market conditions and anticipated global trends, there is a positive outlook for both PETKİM and the STAR Refinery. He acknowledged the potential for adjustments in these estimates based on global economic and political dynamics. Nevertheless, as of the present data, it appears that these companies are maintaining their performance and are on a trajectory of continued growth.
SOCAR initiated its commercial operations in Türkiye in 2008 when it acquired a 51 percent stake in Petkim. Petkim is a multifaceted company involved in the production of petrochemical products, as well as the processing, trading, and distribution of natural gas.
The STAR refinery, with a total investment cost of $6.3 billion, commenced operations in October 2018.
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