SOCAR’s oil refinery will be launched in Turkey at the end of 2017, reads information posted on SOCAR’s official web site. Earlier the launching was scheduled for quarter 1, 2018.
“Launching of SOCAR’s oil refinery Star by the end of 2017 will help to reduce deficit of current operation of Turkey by as minimum $ 2.5 billion,” reads the information.
Total cost of the project is $5.7 billion, of which $3.29 billion will be borrowed. The credit agreements have been signed with 23 financial institutions on June 6, 2014 in Istanbul.
Star oil refinery will manufacture 1.66 million tons of naphtha, which is used by Petkim petrochemical complex ( in which SOCAR has its share) as the main source of raw material. In addition to naphtha, the oil refinery will manufacture 5.95 million tons of diesel fuel, 500,000 tons of aviation kerosene, 500,000 tons of reformate, 639,000 tons of oil coke, 240,000 tons of liquefied gas, 415,000 tons of mixed xylol, 75,000 tons of olefin liquefied gas and 145,000 tons sulfur. The oil refinery will not make petrol and black oil.
The plant will also refine such oil brands as Azeri Light, Kerkuk and Urals.—0—
Economics
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