SOCAR's oil refinery in Turkey gets right to use tax breaks
Tax incentives provided by the government of Turkey to the Star Oil Refinery of the State Oil Company of Azerbaijan (SOCAR) in Izmir, have taken effect, Trend news agency reported on Tuesday referring to the Turkish newspaper Resmi Gazete.
Within the project an exemption from payment of value added tax and customs duties is to be provided. In general, it is envisaged to simplify the taxation up to 90 per cent and during the construction of the refinery the state will provide a VAT refund.
Also, within seven years, Turkey will pay the minimum amount of insurance to employees of the oil refinery and allocate $50 million (five per cent of the total investments) as an aid in the payment of interest.
The total capacity of the refinery is 10 million tons and oil products produced at the plant will be directed to meet the needs of the Petkim chemical complex and the Turkish domestic market.
Up to six billion dollars will be spent on the construction of the new oil refinery. The work will be partly financed by shareholders' funds (30 per cent) which will equal $1.8 billion, while the rest will be financed through bank loans, a SOCAR senior representative said earlier.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!