State Oil Fund of Azerbaijan (SOFAZ) has allocated $475 million to fund construction of a new oil refinery Star by SOCAR in Izmir, Turkey.
According to the presidential decree to support Azerbaijan in construction of the Star oil refinery in Turkey, SOCAR Turkey Yatirim joint stock company (JSC) with the authorized capital of $1.9 billion and 40% share of the state has been founded. According to the decree, 40% share of the state ($760 million) in the JSC will be funded by SOFAZ.
SOFAZ has already allocated $475 million from the above-mentioned sum, another part will be funded from the budget of the Fund next year, SOFAZ reported.
Total cost of SOCAR’s oil refinery construction in Turkey is $5.3 billion.—0o—
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