Before signing of the credit agreement to fund construction of its Star oil refinery in Izmir, Turkey,(expected today), State Oil Company of Azerbaijan (SOCAR) has already found an agreement with its first customer to sell oil products of this oil refinery.
On May 27, 2014 SOCAR Turkey Energy A.S. (100% daughter company of SOCAR in Turkey) signed the contract with Petkim company to buy-sell oil products for the period of 20 years.
Petkim will buy 270,000 tons of mixed xylol and 1.6 million tons of naphtha from Star oil refinery.
On March 30, 2012 SOCAR Turkey Energy A.S. increased its share in Petkim up to 61.32%. 38.68% shares are in free circulation at the Istanbul Exchange.
Turcas Petrol company has earlier sold Rafinery Holding A.S. (100% shares owned by SOCAR Turkey Energy A.S.) 18.5% its share in Star oil refinery. Therefore, share of Rafinery Holding A.S. in Star oil refinery reached 60%. The remaining 49% share is owned by SOCAR.
Star will produce 1.66 million tons of naphtha a year, which will be used by Petkim petrochemical complex as a raw material. At present Petkim imports 80% of naphtha, but as soon as the oil refinery is launched its dependence on import will be reduced to nothing.—0—
Economics
-
The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
-
Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
-
Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
-
Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
Leave a review