Till end of 2014 oil fund of Azerbaijan to spend over $760 million for star oil refinery construction
During 2013 the Azerbaijan State Oil Fund (SOFAZ) allocated 372,600,000 AZN (about $475,100,000) for construction of Star oil refinery in Turkey.
According to SOFAZ, this year it is planned to spend additional 222,583,000 AZN (over $285,000,000) for implementation of this project.
At present Rafineri Holding AS (established by SOCAR-Turkey) owns 41.5% shares of the Star oil refinery. Turcas Grupu owns 18.5% and SOFAZ owns 40% shares of the oil refinery.
The cost of the oil refinery with the capacity of 214,000 barrels of oil a day (10,000,000 tons a year) is estimated at $5.3 billion.
30% of the oil refinery’s construction will be funded at the expense of the shareholders and the remaining part at the expense of the bank credits. The foundation of the oil refinery was laid in October 2011. The oil refinery is planned to be put into operation in 2018.—0—
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