Azerbaijan economizes 450 mln USD on STAR project in Turkey

Baku. 3 December. REPORT.AZ/ The loan of 3.3 billion USD, attracted in 2014 for STAR oil refinery, being constructed in Aliağa district, Izmir, Turkey by the State Oil Company of Azerbaijan Republic (SOCAR) is lower by 450 mln USD than its today's prime cost.

Report informs citing aliağaekspres.com.tr, "Star Rafineri A.Ş." Director General, Ibrahim Palaz said.

According to him, the loan agreement signed in 2014, allows to economize 450 mln USD on the project implementation. The loan agreement was signed for the period of 15 years, totally from 23 banks, of which 22 foreign. The Director General, also, said that SOCAR participates in the project with 2.4 billion USD of its own funds.

I.Palaz stressed that STAR oil refinery will launch in April 2018 and currently, 78% of the project completed and 3.9 billion USD investment was made on the project so far. It was noted that launch of the refinery will allow Turkey to save annual 2.5 billion USD. The refinery will provide half of annual 12 mln tons of diesel demand of Turkey.