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STAR refinery comes ahead of schedule

6 February 2015 15:56 (UTC+04:00)
STAR refinery comes ahead of schedule

By Gulgiz Dadashova

STAR Rafineri A.S., majority owned by Azerbaijan’s state energy company SOCAR, will be commissioned in late 2017.

The plant was earlier planned to be put into operation in Q1 of 2018.

SOCAR announced that the commissioning of STAR refinery in late 2017 will allow to reduce the shortage in Turkey’s current account at least by $2.5 billion.

The total cost of the project is $5.7 billion and some $3.29 billion of this amount will be provided through the loans, according to the message.

SOCAR earlier signed loan agreements totaling $3.29 billion with around 23 financial institutions in the Turkish city of Istanbul, as part of constructing a new Star refinery in Turkey.

Once completed, the $5.6 billion STAR project will be the first refinery to start operations in Turkey since 1972. This project will process an estimated 10 million tons of crude oil per year and is expected to dramatically reduce Turkey’s dependence on foreign energy imports.

STAR refinery will be capable of refining oil grades such as Azeri Light, Kirkuk, and Urals. The refinery is mostly intended to create a resource base for the chemical company Petkim Holding. It will contribute significantly to the region's and country's economy by creating job opportunities and increasing competitiveness.

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