By Mirsaid Ibrahimzade
SOCAR's (State Oil Company of Azerbaijan) Star Oil Refinery, which is Turkey's first special industrial zone having a potential to make a significant contribution to the diversification of SOCAR's assets, is the main component in the strategic development course of SOCAR.
Mesut Ilter, Director General of Star refinery, told Turkish media that SOCAR will continue to invest in the Turkish economy.
He said that currently, SOCAR’s total investment in Turkey amounts to $15 billion, but it is possible that this investment will reach $19.5 billion.
Noting that SOCAR fully trusts the Turkish economy, Ilter pointed out that by the end of the year, Star refinery plans to refine 8 million tons of crude oil.
The total refining capacity of the plant will be 10 million tons, and SOCAR will play a role of the main supplier of raw materials for the enterprise.
The plant will significantly reduce the dependence of Turkey on petrochemical products’ imports.
The $6.3 billion worth refinery, which was built by SOCAR in the Aliagha district near the Turkish city of Izmir, in the territory of the Petkim petrochemical complex, will produce 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 sulphur.
Star has already launched the sale of its first products this year. By selling 1.3 tons of naphtha produced at Star refinery to Petkim, SOCAR Turkey Energy completed the integration of the refinery and the petrochemical complex.
SOCAR carries out its activity in Turkey through SOCAR Turkey. SOCAR has already made $15 billion out of $19.5 billion of investments in the country that are important steps towards ensuring Turkey’s energy supply security. SOCAR Turkey’s share in SOCAR constitutes 35 percent.
The company has a controlling stake (51 percent) in the Petkim petrochemical complex on the Aliagha peninsula since 2008 and owns the Star oil refinery.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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