Contract to buy products from Star oil refinery in Turkey signed

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—

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