(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 2
By Ilkin Shafiyev - Trend:
STAR oil refinery in Turkey, owned by the Azerbaijani state company SOCAR, will reach its full production capacity in January 2019, the General Director of SOCAR Turkey Energy Zaur Gahramanov told the Turkish Anadolu news agency.
Gahramanov stressed that the refinery is a long-term investment project.
"As for financing, no bank in Turkey issues loans for the period we need. Therefore, we were forced to attract long-term financing from abroad," Gahramanov said.
The STAR refinery will produce naphtha, diesel fuel with ultra-low sulfur content, aviation kerosene, petroleum coke, liquefied gas and other products. The refinery will not produce gasoline and fuel oil.
The plant is planned to carry out processing of oil of such grades as Azeri Light, Kerkuk and Urals.
The launch of the enterprise has been scheduled for October 2018. The refinery's processing capacity will amount to 10 million tons of products per year.
Today, the share distribution in the project is as follows: 60 percent of shares are owned by the Rafineri Holding company (being in 100-percent possession of SOCAR Turkey Energy company), which previously bought all 18.5 percent of the participation interest of Turcas Petrol company in the project, and 40 percent of shares are owned by SOCAR company.
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