Azerbaijani government has again decided to use resources of the State Oil Fund (SOFAZ) to build STAR oil refinery in Turkey.
For this purpose Oil Fund plans to use $204.8 million.
In 2013-2015 $760 million has been spent for this purpose from SOFAZ’s resources.
In early 2015 SOFAZ announced completion of funding Azerbaijan’s share in construction of STAR oil refinery.
100% founder of Star oil refinery is SOCAR Turkiye Enerji, Turkish daughter company of SOCAR, in which 87% share is owned by Azerbaijan. Construction of the oil refinery with the capacity of 10 million tons started in 2014.
Total cost of the project is estimated at $5.65 billion. In June 2014 SOCAR Turkiye Enerji signed the credit agreements with 23 commercial banks to fund Star oil refinery construction. $3,290,000,000 has been borrowed.
By the end of May 2016 68% of works of the oil refinery construction have been completed. It is planned to launch the oil refinery in early 2018.—0—
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review