Azernews.Az

By Sara Israfilbayova

STAR Oil Refinery with a capital of $5.7 billion will process 34,000 cubic meters of crude oil daily.

SOCAR Turkey Enerji A.Ş. reported that STAR will reduce Turkey’s annual deficit by about $1.5 billion.

STAR Refinery will meet more than 25 percent of the processed oil products need of Turkey upon its startup. Certified with the first investment incentive granted by Turkey, STAR Refinery will eventually reduce the foreign-dependency of the country.

STAR Refinery, foundation of which was laid in 2011, is currently under construction on a 2,400-hectare site on Aliaga Peninsula. With a crude oil processing capacity of 10 million tons, STAR Refinery is underway as the most critical component of SOCAR Turkey’s integrated energy solutions and value chain.

STAR Refinery will be put into service with a total investment of $5.6 billion. 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).

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 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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