SOCAR LAUNCHES STAR REFINERY
Image source: president.az
SOCAR, the largest direct foreign investor in Turkey, has launched its SOCAR Turkey Aegean Refinery on 19 October in a ceremony held in Aliaga, Izmir.
The plant took seven years to build and is expected to reduce Turkey’s annual foreign trade deficit by at least $1.5 billion.
The refinery, which constitutes a significant share of SOCAR investments in Turkey, was inaugurated by President Recep Tayyip Erdogan and his Azeri counterpart Ilham Aliyev.
The $6.3-billion refinery is the largest single-location real sector investment in Turkey’s history and will be one of the biggest petroleum and gas operations in Europe, the Middle East and Africa.
Construction at the refinery began in 2011. It was built by SOCAR, which began investing in Turkey after it acquired the country’s leading petrochemical company Petkim in 2008 for $2 billion.
SOCAR President, Rovnag Abdullayev, said: “The STAR Refinery, built and equipped with the world’s latest technologies, helps integration of our petrochemical business and therefore has a strategic importance for our company.”
The refinery – which is integrated with Petkim 3.6-million tonnes per year (tpy) nearby petrochemical complex – will produce 4.8 million tpy of low-sulfur diesel, 1.6 million tpy of naphtha, 1.6 million tpy of jet fuel, and 300,000 tpy of LPG to meet 25% of Turkey’s refined petroleum product needs.
The refinery is expected to fully eliminate Turkey’s need to import jet fuel, which will correspond to 7-8 percent of its total production. The refinery is also expected to reduce liquefied petroleum gas LPG imports to 70 percent from 79 percent.
SOCAR was a lead partner of the last year Downstream Caspian and Central Asia conference. It also plans to participate in the event this year. Deputy Head for Reconstruction and Modernisation of Baku Refinery is among SOCAR’s confirmed participants. Delegations from SOCAR Polymer, Azerikimiya and others are also expected to attend.