Kanan Yavuz: Up to now 2 bln USD spent on construction of Star plant

Baku. 22 October. REPORT.AZ/ 33% of the works have done on the Star refinery of the State Oil Company of Azerbaijan (SOCAR), built on Petkim peninsula in the region Aliaga,Turkish city of Izmir. Report informs referring to Turkish media reports, this was announced by CEO of SOCAR Turkey, Kanan Yavuz. According to him, 95% of works on laying the foundation completed.

K.Yavuz said that until now, 2 bln USD spent on construction of Star plant.

"Iimport of equipment for the plant will begin until the end of this month , which will be installed in 2016-2017."

K.Yavuz recalled that 10 mln tons of crude oil will process at the Star factory per year. According to him, the construction of the plant employs 4 thousand people, and next year the number will reach 10 thousand.

He noted that production at the plant is scheduled to begin in 2018 that will allow the country to save 2 - 2.5 bln. USD: "Star refinery will lead to the production, which is now imported by Turkey. This will not only enhance the competitiveness of Petkim petrochemical holding, as well as to play an important role in covering the needs of Turkey. Imports of diesel in Turkey far exceeds local production. We will produce diesel, jet fuel and liquefied petroleum gas. At current oil prices, the plant will enable Turkey to save 2 - 2.5 bln USD "

SOCAR started operations in Turkey in 2008 after the privatization of Petkim Holding and carries out activities there under the brand of SOCAR Turkey. According to the structure of the founders of SOCAR Turkey, 87% of SOCAR Turkey Energy A.Ş belongs to SOCAR. Since August 14, 2015 Goldman Sachs and JP Morgan (Goldman Sachs International) became the owners after buying 13% stake of SOCAR Turkey for 1.3 bln USD.