SOCAR’s oil refinery will be launched in Turkey at the end of 2017, reads information posted on SOCAR’s official web site. Earlier the launching was scheduled for quarter 1, 2018.
“Launching of SOCAR’s oil refinery Star by the end of 2017 will help to reduce deficit of current operation of Turkey by as minimum $ 2.5 billion,” reads the information.
Total cost of the project is $5.7 billion, of which $3.29 billion will be borrowed. The credit agreements have been signed with 23 financial institutions on June 6, 2014 in Istanbul.
Star oil refinery will manufacture 1.66 million tons of naphtha, which is used by Petkim petrochemical complex ( in which SOCAR has its share) as the main source of raw material. In addition to naphtha, the oil refinery will manufacture 5.95 million tons of diesel fuel, 500,000 tons of aviation kerosene, 500,000 tons of reformate, 639,000 tons of oil coke, 240,000 tons of liquefied gas, 415,000 tons of mixed xylol, 75,000 tons of olefin liquefied gas and 145,000 tons sulfur. The oil refinery will not make petrol and black oil.
The plant will also refine such oil brands as Azeri Light, Kerkuk and Urals.—0—
Economics
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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Azerbaijan’s state-owned energy company, SOCAR, is deepening its engagement in international gas projects as it seeks to diversify supply routes to Europe. In January 2025, the company acquired a 10% stake in Israel’s Tamar gas field, which holds an estimated 300 billion cubic meters (bcm) of natural gas. The field, located near the giant Leviathan deposit, is seen as a key source for expanding gas exports from the eastern Mediterranean.
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