SOCAR's plant in Turkiye increases revenues by 44%

STAR Oil Refinery, the State Oil Company of Azerbaijan asset in Turkiye (SOCAR), has announced its key economic indicators for 2021, Report informs.

According to SOCAR, the total revenue of STAR Oil Refinery in 2021 amounted to $ 6.14 billion, which is 44% more than the previous year.

Last year, the refinery had a market share of 17.5% of diesel fuel sales in Turkiye. STAR also has a 12.6% market share in jet fuel sales and a 5.1% in LPG sales.

In 2021, 64% of STAR refinery sales were carried out to the Turkish domestic market and 36% to foreign markets. Greece, Lebanon, Italy, Belgium, and the Netherlands are among the top five countries exporting the plant's products.

Thus, in 2021, the STAR Oil Refinery became Turkiye's most digital oil refinery. In 2020, the value-added of digitalization to the plant amounted to $3.4 million.

STAR Refinery was launched on October 19, 2018. The foundation of the plant was laid on October 5, 2011. STAR has Turkiye's first Strategic Investment Promotion Document. In September 2019, the plant began operating at full capacity.

The plant has a refining capacity of 10 million tons of crude oil per year. The plant can process the Urals, Azeri Light, and Kirkuk oil. Its main products are diesel fuel (4.8 million tons), jet fuel, naphtha (1.6 million tons), liquefied petroleum gas, mixed xylene, and petroleum coke.