The Star oil refinery will help reduce Turkey’s dependence on imports in the petrochemical industry, Turkish Treasury and Finance Minister Berat Albayrak said at the opening ceremony of the Star refinery in Izmir.
The minister stressed the importance of the Star refinery for Turkey, noting that the refinery will greatly contribute to the development of the country’s petrochemical industry.
Albayrak reminded that the opening ceremony of the Trans-Anatolian Natural Gas Pipeline (TANAP), which can be considered a symbol of the brotherhood of Azerbaijan and Turkey in the 21st century, took place four months ago.
The friendship and unity of Azerbaijan and Turkey must become an example for the whole world, he noted.
The minister said that only mutual support, healthy competition and strong cooperation can help protect the interests of the two countries and achieve economic stability.
An inauguration ceremony of the Star refinery of Azerbaijan’s state oil company SOCAR took place in the city of Izmir, Turkey on Oct. 19.
The STAR refinery will produce naphtha, diesel with ultra-low sulfur content, aviation fuel, petroleum coke, liquefied gas and other products. The refinery will not produce gasoline and fuel oil.
The plant is planned to process oil of such grades as Azeri Light, Kerkuk and Urals. The refinery's processing capacity will amount to 10 million tons per year.
The share distribution in the project is as follows: 60 percent of shares are owned by the Rafineri Holding (being in 100-percent possession of SOCAR Turkey Energy), which previously bought 18.5 percent of the participation interest of Turcas Petrol in the project, and 40 percent of shares are owned by SOCAR.
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