Yesterday SOCAR Turkey, daughter company of State Oil Company of Azerbaijan (SOCAR), signed the contract with the consortium for construction of Star oil refinery in Izmir, Turkey, reported SOCAR's press office.
The agreement has been signed by Vagif Aliyev, chief of SOCAR's Investments Department, chairman of Petkim Board, Kenan Yavuz, Executive Director of SOCAR Turkey, Jose Pedro Sebastian De Erij, General Director of Spanish Tecnica Reunidas company, Enrique Alsina Massan, Development Director of the same company, as well as representatives of Italian Saipem, South Korean GS Engineering & Construction and Japanese Itochu companies.
After the signing ceremony Kenan Yavuz said that the consortium has committed itself to build Star oil refinery "on a turn-key basis" within 51 months after signing of the contract.
SOCAR did not disclse the project cost. However, world news agencies reported citing Itochu that the cost of the contract is $3.4 billion.
Capacity of Star oil refinery wil be 10 million tons of oil and it will be able to refine Azeri Light (Azerbaijani), Kirkuk (North Iraq oil) and Urals (Russian) oils.
The volume of annual production of the oil refinery will be 1.6 million tons of naphtha, thanks to which dependence of Petkim petrochemical complex on import of this type of oil product will be reduced to nil.
Star oil refinery will also manufacture 5.9 million tons of diesel fuel with a very low content of sulfur, 500,000 tons of aviation fuel, 630,000 tons of oil coke, 240,000 tons of liquefied oil gas, 415,000 tons of mixed xylol, 75,000 tons of olefin liquefied oil gas and 145,000 tons of sulfur.
SOCAR has earlier planned to build Star oil refinery by the end of 2015.-0-
Economics
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