Oil Refinery - STAR Refinery
A Strategic Breakthrough
STAR Refinery will support reducing the foreign-dependency on processed oil products of Turkey by USD 2.5 billion upon its startup in 2018.
Standing out as the first refinery established since 1984, STAR Refinery will meet more than 25% of the processed oil products need of Turkey upon its startup. Certified with the first investment incentive granted by Turkey, STAR Refinery will eventually reduce the foreign-dependency of the country.
STAR Refinery, foundation of which was laid in 2011, is currently under construction on a 2,400-hectare site on Aliağa Peninsula. With a crude oil processing capacity of 10 million tons, STAR Refinery is underway as the most critical component of SOCAR Turkey’s integrated energy solutions and value chain.
Among the region’s giants
Planned to start production in 2018, STAR Refinery will be put into service with a total investment of USD 6 billion. The construction of the Refinery is undertaken by a multinational consortium, comprised of Técnicas Reunidas (Spain), Saipem (Italy), GS Engineering (South Korea) and ITOCHU (Japan).
In terms of the loan volume and term, STAR Refinery’s project financing is the largest-size and longest-term loan deal Turkey has closed to date. It is also defined as one of the biggest oil and gas project financing operations in the EMEA (Europe- Middle East& Africa) Region of 2014.
STAR Refinery focuses on strategic products taking the economy and industrial needs of the country into account. Based on this rationale, the Refinery will be producing a wide range of oil products, including 1.6 million tons of naphtha, along with diesel, one of the key contributors to the current account deficit, jet fuel, and LPG, the raw material of petrochemicals.
With its ability to process varied crude oil types and its storage capacity of approximately 1.64 million m³ in its 63 tanks, STAR Refinery will increase Turkey’s competitive edge and thus contribute in the development, growth of the country and the welfare level of its people.
STAR Refinery strongly believes in the importance of sustainability in production. In collaboration with 9 Eylül University, the company regularly controls the environmental effects of its operations and documents its exemplary studies. STAR Refinery carries out its operations in compliance with the standards of International Finance Corporation (IFC), Turkish environmental law and relevant internationally renowned standards.