SOCAR’s new facility opened in Turkey

The opening ceremony of a facility of SOCAR Turkey Energy A.S., which will increase the potential of STAR refinery to store raw material and finished products, and groundbreaking ceremony of another facility were held in the Special Industrial Zone in Aliagha, Izmir, Report informs citing SOCAR.

It was noted that the investment projects are being implemented in order to increase the storage capacity of the STAR Refinery, which is able to refine 10 million tonnes a year. Among these, the project to extend the tanks in SOCAR Depolama terminal has already been completed, and the project to increase the potential of crude oil and intermediate product tanks has been launched.

The ceremony was attended by SOCAR President Rovnag Abdullayev, SOCAR Turkey Energy chairman Vagif Aliyev, CEO Zaur Gahramanov, heads of STAR Refinery and contractors. The new investments will allow to bring the capacities of  the storehouses, which are used by SOCAR Turkey and its clients, to 2.5 million cubic meters.

The SOCAR President said that SOCAR continues to invest in oil and gas refinery and petrochemical sectors: "We inaugurated the STAR Refinery in October 2018. Within a year, we have gathered in Aliagha for our new projects. We are proud of this. Our petrochemical investments provide a long-term source of income for Azerbaijan and bring benefit to both Turkey and the region."

Petkim’s total incomes made up TRY 47.2 billion in the past decade, while the net profit exceeded TRY 4 billion. STAR Refinery has already processed 4 million tonnes of crude oil. This figure will reach 8 million by the end of this year.

The project to expand tanks in SOCAR Depolama includes 12 tanks with the capacity of 335,000 cubic meters. This facility will be one of the largest five terminals of Turkey.

The project to increase the potential of crude oil and intermediate product tanks will provide promptness in operations along with increasing the capacity of the storehouse. The project is expected to be completed in 2021.