SOCAR Turkey signs $3.29 billion financing deal for Star refinery

Azeri state oil company SOCAR has signed a $3.29 billion financing deal with 23 banks and export credit agencies for the construction of a refinery on Turkey’s Aegean coast. (File photo: Reuters)

Azeri state oil company SOCAR has signed a $3.29 billion financing deal with 23 banks and export credit agencies for the construction of a refinery on Turkey’s Aegean coast, SOCAR’s Turkish subsidiary Petkim said on Friday.

SOCAR is building the $5.5 billion Star refinery to supply feedstock to petrochemicals maker Petkim, helping cut Turkey’s dependence on imported refined products.

The Star plant in Aliaga on the Aegean coast is expected to have an annual capacity of 10 million tons, 1.6 million tons of which would be naphtha which could feed the Petkim plant. It will also produce diesel, jet fuel and LPG.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42
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