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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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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On January 21, during a meeting in Davos, Azerbaijani President Ilham Aliyev met with Henrik Poulsen, Chairman of the Supervisory Board of Carlsberg Group, and Jacob Aarup-Andersen, the company's CEO. The discussions emphasized Carlsberg Group's expanding presence in Azerbaijan and its commitment to developing local production and sustainability.
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In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
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