Minister: SOCAR, Turkey continue co-op in oil & gas exploration
Turkey and Azerbaijan have good bilateral cooperation in the implementation of large-scale transport projects of international importance, which are well known in the region and the world. Both country also closely cooperate in energy sector.
The Azerbaijani State Oil Company SOCAR and Turkey continue cooperation in the field of oil and gas exploration, Turkish Energy and Natural Resources Minister Fatih Donmez said, Turkish media reported on November 19.
Commenting on the construction of the Star oil refinery in Turkey, the minister noted that this refinery is an important element for ensuring the energy security of the country.
“The construction of the Star refinery is also one of the most important energy projects in Turkey,” said Donmez.
The minister also noted that oil and gas exploration will begin in the southern Turkish province of Mersin this week.
A solemn opening ceremony of the Star refinery was held with the participation of the Presidents of Azerbaijan and Turkey, Ilham Aliyev and Recep Tayyip Erdogan in Izmir on October 19, 2018.
The total oil refining capacity of the plant will be 10 million tons, and the Azerbaijani state-owned SOCAR is the main supplier of raw materials for the enterprise.
The total oil refining capacity of the refinery will be 10 million tons, and the Azerbaijani state company SOCAR is the main supplier of raw materials for the enterprise. The refinery will significantly reduce the dependence of Turkey on imports of petrochemical products.
At the refinery worth $ 6.3 billion, built by SOCAR in the Aliaga district of the Turkish city of Izmir, on the territory of the Petkim petrochemical complex, 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel fuel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulfur will be produced.
Today, 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.
The construction of the Refinery is undertaken by a multinational consortium, comprised of Técnicas Reunidas (Spain), Saipem (Italy), GS Engineering (South Korea) and ITOCHU (Japan).
A law allowing oil exploration in forests and national parks came into force in Turkey in April 2014.
According to a report by the Ministry of Energy, since 2014, as part of the exploration of new oil and gas fields in Turkey, a total of 56 wells have been drilled, 54 of them are onshore and two are at sea.
At the end of 2017, 1,863 exploration work was carried out in Turkey to find new oil and gas fields.
Turkey also plans to create a new company for the exploration of oil and gas abroad.
The new company is expected to be engaged in oil and gas exploration in Central Asia and Africa.
Founded in 2008, SOCAR Turkey, officially titled “SOCAR Turkey Enerji A.Ş.”, is an affiliate of SOCAR, one of the most well-established oil and natural gas companies of the world.
With its total investment volume of $19.5 billion to be realized by 2020, SOCAR is the biggest foreign investor of Turkey. Similarly, SOCAR’s group companies in Turkey, namely Petkim, STAR Refinery, Petlim Container Terminal and Trans-Anatolian Natural Gas Pipeline (TANAP) represent the largest-scale investment Azerbaijan has made to a single country to date.
SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.
SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.
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