SOCAR's STAR Refinery posts $4.3B revenue in 1H2024

STAR Refinery, an asset of the State Oil Company of Azerbaijan (SOCAR) in Türkiye, generated a remarkable revenue of $4.328 billion in the first half of 2024, according to the January-June 2024 performance report presented to investors by SOCAR Türkiye Energy, Report informs.

During this period, the refinery achieved a net profit of $454 million, while its net debt stood at $2.305 billion. In the second quarter of 2024 alone, STAR Refinery's revenue from the sale of petroleum products reached $2.054 billion, with a net profit of $273 million and a net debt of $1.304 billion.

The refinery operated at an impressive 113% capacity utilization in the last quarter, with a sales volume of 2.9 million tons. Notably, 43% of all products sold were attributed to domestic sales.

STAR Refinery, inaugurated on October 19, 2018, is designed to process oil varieties such as Azeri Light, Kirkuk, and Urals with a capacity of 13 million tons. SOCAR has invested nearly $7 billion in the construction and development of the refinery.