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Expert: Launch of STAR is very important in terms of energy policy of Azerbaijan and Turkey

Expert: Launch of STAR is very important in terms of energy policy of Azerbaijan and Turkey

Baku. 22 October. REPORT.AZ/ Launch of STAR is very important in terms of economic and energy policy of Azerbaijan and Turkey, Oqtay Tanrisever, Chairperson of Energy Diplomacy Working Group at the World Energy Council Turkish National Committee (WECTNC), Professor at Middle East Technical University (METU) Oqtay Tanrisever told Report.  

According to him, Azerbaijan’s direct investments in Turkey for construction of STAR Oil Refinery has a special weight as the largest direct foreign investments in Turkey: "Making such an investment in Izmir by Turkey, developed in petro-chemical industry, and oil-rich Azerbaijan, in addition to Baku-Tbilisi-Ceyhan pipeline, as well as establishment of an enterprise, which will make energy and industrial sector in the Southern Europe more valuable, will cause a development."

Oqtay Tanrisever noted that strategic cooperation between Azerbaijan and Turkey will deepen and strengthen: "This will encourage SOCAR to invest in other energy fields in Turkey too."

 Oqtay Tanrısevər

Oqtay Tanrisever, Chairperson of the Energy Diplomacy Working Group at the World Energy Council Turkish National Committee (WECTNC), Professor at Middle East Technical University (METU)

Making such an investment in Izmir by Turkey, developed in petro-chemical industry, and oil-rich Azerbaijan, in addition to Baku-Tbilisi-Ceyhan pipeline, as well as establishment of an enterprise, which will make energy and industrial sector in the Southern Europe more valuable, will cause a development.

The opening ceremony of STAR Refinery was held in Izmir, Turkey, on October 19 with the participation of Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdogan. The total cost of the project is $6.3 billion. STAR holds the first Strategic Investment Promotion Document of Turkey.

STAR Refinery has a crude oil processing capacity of 10 million tons. The plant is to process such oil grades as Azeri Light, Kerkuk and Urals.

The plant will produce 1.6 million tonnes of naphtha, 5 million tonnes of diesel, 1.6 million tonnes of aircraft fuel, 300,000 tonnes of LPG, 700,000 tonnes of petroleum coke, 160,000 tonnes of Sulphur and other products. STAR will supply crude products to Petkim, meet a part of Turkey's demand for diesel and aircraft fuel, and help Turkey save $1.5 billion from imports per year. The plant will meet more than 25% of Turkey’s demand for oil products.  

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