ECONOMY
Japanese newspaper writes about SOCAR`s deal on Star oil refinery in Turkey
Tokyo, May 23 (AZERTAC). Japan`s influential newspaper Nikkei has posted an article about the deal between Azerbaijani State Oil Company SOCAR and the consortium for construction of Star oil refinery in Izmir, Turkey.
The newspaper says the agreement was signed by Vagif Aliyev, chief of SOCAR`s Investments Department, chairman of Petkim Board, Kenan Yavuz, Executive Director of SOCAR Turkey, Jose Pedro Sebastian De Erij, General Director of Spanish Tecnica Reunidas Company, Enrique Alsina Massan, Development Director of the same company, as well as representatives of Italian Saipem, South Korean GS Engineering & Construction and Japanese Itochu companies.
“After the signing ceremony speakers said that the consortium has committed itself to build the Star oil refinery "on a turn-key basis" within 51 months after signing of the contract”, the article underlines.
The article highlights that Star refinery’s processing capacity will equal 10 million tons of oil and able to process such oil grades as Azeri Light, Kirkuk and Urals. Annual production at the refinery will equal 1.6 million tons of naphtha which will reduce Petkim's dependence on imports of this type of oil product to zero. “Along with naphtha, the Star refinery will also produce 5.9 million tons of diesel fuel with ultra-low sulphur, 500 tons of aviation fuel, 630,000 tons of petroleum coke, 240,000 tons of liquefied petroleum gas, 415,000 tons of mixed xylenes, 75,000 tons of olefin liquefied petroleum gas and 145,000 tons of sulphur.
The total capacity of the refinery Star will comprise 10 million tons and the petroleum products manufactured at the plant will be aimed at meeting the needs of the Petkim chemical concern and the domestic market of Turkey.”
The article says the Japanese Bank of International Cooperation will provide about USD 350.000 loans for realization of the project. “Itochu will equip the refinery with Japanese-made facilities and technologies,” the article notes.