The first output of the Star refinery of the State Oil Company of Azerbaijan (SOCAR) will be received by late 2017.
The remarks were made by Azerbaijani Minister of Economy and Industry, Shahin Mustafayev and SOCAR president Rovnag Abdullayev who viewed the site where the plant is being built.
The Star refinery, with the expected production capacity of 10 million tonnes per year, will provide the Petkim petrochemical complex with naphtha, SOCAR said on July 19.
"The major part of the refinery's products will be sold in Turkey's domestic market and some part will be exported to South Europe and Mediterranean Sea countries," the company said.
After commissioning the Star refinery, SOCAR will become the largest company in Turkey's energy sphere.
The total cost of the project on the construction of SOCAR's refinery in Turkey exceeds $5 billion. It is among the largest investment projects in Turkey.
SOCAR signed loan agreements totaling $3.29 billion with around 23 financial institutions in the Turkish city of Istanbul on June 6, as part of constructing a new Star refinery in Turkey. The loan package consists of the funds of export-import banks (Spain, Italy, Japan, U.S. and the Republic of Korea), some 16 foreign trade and investment banks, as well as one local bank.
The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million tonnes at the Star refinery.
Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur to the amount of 5.95 million tonnes, aviation kerosene - 500,000 tonnes, reformate - 500,000 tonnes, petroleum coke - 630,000 tonnes, liquefied gas - 240,000 tonnes, mixed xylene - 415,000 tonnes, olefin LPG - 75,000 tonnes and 145,000 tonnes of sulfur. The refinery will not produce petrol and fuel oil.
Azerbaijan's minister of economy and SOCAR head also became familiar with the activity of Petkim, as well as its production indices. The guests attended the opening of a plastic packaging factory and became familiar with the construction of a container port there.