Fatih Donmez: STAR Refinery is a very significant project in terms of supply safety

Baku. 19 November. REPORT.AZ/ SOCAR’s STAR Refinery in Aliagha, Izmir is a very significant project in terms of supply safety, Turkish Minister of Energy and Natural Resources Fatih Donmez said, Report informs citing Turkish media.

Notably, the opening ceremony of the STAR refinery was held on October 19. The total investment value of the project is estimated at $6.3 billion. It has the first Strategic Investment Promotion Document of Turkey.

The annual processing capacity is 10 million crude oil. The plant will process oil of such grades as Azeri Light, Kerkuk and Urals.

The refinery 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 oil coke, 400,000 tonnes of mixed xylene, 160,000 tonnes of sulfur and other products. STAR will supply raw materials to the only petrochemical complex of Turkey - Petkim in which SOCAR holds the main share and meet the growing demand for diesel and aircraft fuel in the Turkish market and reduce Turkey’s import by $1.5 billion.

The minister noted that cooperation between SOCAR and Turkey on oil and gas exploration continues.

He also spoke about Turkish Stream and noted that the project will transport first gas at the end of 2019. According to him, Russian gas will be transported to Turkey via Turkish Stream gas pipeline: "This will lead to creation of a regional trade hub. A payment will be received from transit to Europe via this pipeline. The project is very significant in terms of resource diversification."