Zaur Gahramanov: STAR oil refinery to be put into operation in November

Zaur Gahramanov: STAR oil refinery to be put into operation in November

Bakı, October 3, AZERTAC

Turkey`s STAR oil refinery, owned by the State Oil Company of Azerbaijan (SOCAR), will be put into operation in November, 2018, CEO of SOCAR Turkey Energy Zaur Gahramanov said.

According to him, the refinery will reach its full production capacity in January 2019.

“In order to work more efficiently, we have invested $ 300 million into a storage facility in Aliaga, a few years ago, to increase its capacity. We are looking for storage facilities in Antalya and Marmara regions. These storage facilities will serve for the better sales of the factory`s produce. 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," Gahramanov said.

STAR oil refinery has received the first cargo of crude oil for processing from Azerbaijan in August 3. The volume of Azeri Light oil delivered to the refinery stood at 80,000 tons.

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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