(MENAFN- Kuwait News Agency (KUNA)) ANKARA, Oct 19 (KUNA) -- Turkish President Recep Tayyip Erdogan and his Azerbaijani counterpart Ilham Aliyev jointly inaugurated on Friday a new oil refinery in the Turkish Aegean coastal city of Izmir, official media reported.
The inauguration ceremony for STAR refinery, affiliated with the Azerbaijani-based oil company SOCAR, was attended by senior officials from both countries, according to Anadolu Agency.
"The opening of a new oil refinery in Turkey has bolstered ties between Ankara and Baku," Erdogan said in his speech.
"With the STAR Refinery, we further strengthened the strategic dimension of our brotherly relations with Azerbaijan," he added.
Erdogan also said that every project Turkey and Azerbaijan implement together solidifies their status as "regional powers".
The refinery aims to save around USD 1.5 billion every year in imports of petroleum products and to reduce external dependence on petroleum products, he noted.
For his part, Aliyev said his country and Turkey reach every goal they set since there is a strong political will between the two countries, adding "the stronger Turkey is, the stronger we are." The project is reportedly one of the biggest investments in the private sector in Europe, the Middle East, and North Africa in recent years. (end) rs.ma
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