$4.4 bln spent for STAR plant

$4.4 bln spent for STAR plant
Zaur Gahramanov: The plant will start sale of products in September 2018

Baku. 31 May. REPORT.AZ/ STAR oil refinery plant built in Petkim peninsula (Turkey) will be launched in September 2018.

Report informs, SOCAR Turkey Enerji A. Ş. Director General Zaur Gahramanov told reporters in Baku.

“Work in STAR plant continues in accordance with the schedule. Project works completed for 90%. Testing of equipment will start in July. Sale of manufactured products will start in September 2018”, said Z. Gahramanov.

According to him, $4.4 bln have been spent for STAR plant so far: “$2 bln part of loans allocated for the project was utilized”.

Notably, foundation of the STAR oil refinery was laid on October 25, 2011 by Presidents of Azerbaijan and Turkey Ilham Aliyev and Recep Tayyip Erdogan. The plant is planned to enter into operation in 2018. After its launch, the plant will work with annual 10 mln tons of crude oil processing capacity. The plant annually will produce 4.7 mln tons of diesel, 1.6 mln tons of jet fuel, 320 thousand tons of LPG, 1.6 mln tons of naphtha, 690 thousand tons of petroleum coke, 159 thousand tons of sulfur and other products. The facility will mostly process Ural, Azeri Light and Kerkuk branded oil.

$3.3 bln part of funds required for STAR plant must be provided through loans, $2.4 bln by direct investment of Azerbaijani government.  

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