At first Azerbaijan will deliver oil to the Star oil refinery in Turkey and then other sources of raw material are possible, President Ilham Aliyev told RIA Novosti during the World Economic Forum in Davos.
The ceremony of laying foundation of Star oil refinery took place in October 2011. In 2014 State Oil Fund of Azerbaijan (SOFAZ) could allocate about $285 million to build Star oil refinery in Turkey.
“We export enough oil to the Turkish ports, they have enough Azerbaijani oil. It also depends on the market: if we have another oil, we will use another oil. Right now we plan to use Azerbaijani oil. This is a good economic project for the region and for business. Turkey’s demand in oil products has been growing,” he said.
85% of Star Rafineri A.S. is owned by SOCAR Turkey Enerji A.S. (100% daughter company of SOCAR) and 18.5% by TURCAS Rafineri Yatirimlari A.S. (99.6% owned by Turcas Petrol A.S.).
Economics
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