STAR will bring over $ 800 mln/year to Azerbaijan in first 5 years

Baku. 20 September. REPORT.AZ/ After the commissioning of the STAR Oil Refinery of the State Oil Company of Azerbaijan Republic (SOCAR), which was constructed in the Aliaga region of Izmir city in Turkey, it will bring $ 852 mln annually to Azerbaijani economy in the first five years.

Report informs, SOCAR President Rovnag Abdullayev said at the event, dedicated to the Day of Oilmen.

According to him, in next 10 years the refinery will bring  $ 613 mln operational revenues per year: "Construction of the plant will be completed in the second half of 2018. The plant will primarily supply Petkim petrochemical complex, our biggest asset in Turkey, with raw materials - light and heavy naphtha.

Notably, foundation of the STAR oil refinery was laid on October 25, 2011 by the Presidents of Azerbaijan and Turkey Ilham Aliyev and Recep Tayyip Erdogan. The plant is planned to enter into operation in 2018. After its launch, the plant will work with annual 10 mln tons of crude oil processing capacity. The plant annually will produce 4.7 mln tons of diesel, 1.6 mln tons of jet fuel, 320,000 tons of LPG, 1.6 mln tons of naphtha, 690,000 tons of petroleum coke, 159,000 tons of sulfur and other products. The facility will mostly process Ural, Azeri Light and Kerkuk brand oil.