TODAY.AZ / Business

STAR refinery receives first batch of Azerbaijani oil [UPDATE]

03 August 2018 [16:33] - TODAY.AZ

By  Trend

STAR oil refinery in Turkey has received the first cargo of crude oil for processing from Azerbaijan, SOCAR Turkey Enerji said in a message Aug. 3.

The volume of Azeri Light oil delivered to the refinery stood at 80,000 tons. The processing will be carried out in the test mode until October, when the refinery is scheduled to start functioning.

Zaur Gahramanov, head of SOCAR Turkey Enerji, the Turkish subsidiary of the Azerbaijani state oil company SOCAR, said the delivery of the first crude cargo for the refinery is an important event.

"Our company is rapidly moving year after year towards the goal of becoming the largest industrial group in Turkey. Our strategic investments will continue to strengthen the national economy and industry. Among the trends that ensure the strategic growth of SOCAR as a company, the expansion of investment in other countries holds a valuable place. Turkey holds a special place among these countries. As SOCAR, we will continue contributing to the development of the economy of both Azerbaijan and Turkey," Gahramanov said.

In turn, General Director of STAR Refinery Mesut Ilter noted that the supply of the first oil cargo is an example of historical cooperation between the two countries.

"Our goal is to put the refinery into operation on time, as well as to contribute to the development of the economy of both Azerbaijan and Turkey. The refinery will reduce Turkey's current account deficit by $1.5 billion per year. The enterprise, in which SOCAR has invested $6.3 billion, is the largest investment project in the private sector of Turkey," Ilter said.

The Star Refinery will produce naphtha, ultra-low sulfur diesel, aviation kerosene, petroleum coke, liquefied gas and other products. The refinery will not produce gasoline and fuel oil. It will process such oil grades as Azeri Light, Kerkuk and Urals.

The share distribution in the project is as follows: 60 percent is owned by Rafineri Holding (being in 100 percent possession of SOCAR Turkey Enerji) and 40 percent is owned by SOCAR.


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