SOCAR's Turkish refinery STAR to start paying dividends to Azerbaijan's State Oil Fund in 2026

The State Oil Company of Azerbaijan (SOCAR) has announced that its Turkish refinery, STAR, will begin paying dividends to the State Oil Fund of Azerbaijan (SOFAZ) in 2026.

Report informs, citing the conclusion of Chamber of Accounts on the budget of SOFAZ for 2025 that the payment of dividends to SOFAZ under the STAR Refinery project is planned to start from 2026. The dividends will be paid on shares directly owned by the state.

By the order of the President of Azerbaijan dated February 4, 2013, on additional measures to support the participation of the Azerbaijani side in the STAR project, the financing of the state's share was carried out at the expense of SOFAZ. In accordance with the order, a joint-stock company was created, with 40% of the shares owned by the state and managed by the Ministry of Economy of Azerbaijan.

The STAR Refinery, which was commissioned on October 19, 2018, has a processing capacity of 13 million tons of products. It is designed to process oil grades such as Azeri Light, Kirkuk, and Urals. The refinery provides raw materials to the Petkim petrochemical complex and creates conditions for SOCAR to enter the Mediterranean market with its diesel fuel, jet fuel, and raw materials for the chemical industry