Realized with an investment value of 6,3 billion dollars by SOCAR, the biggest direct foreign investor of Turkey, STAR Refinery was inaugurated in an international ceremony. With its annual crude oil processing capacity of 10 million tons, the Refinery will meet the needs of Turkey for petroleum products substantially. The newly-opened refinery of SOCAR will provide a substantial revenue for the economy of both Azerbaijan and Turkey in the following years.
STAR Refinery, the biggest investment made at a single point by the private sector across Turkey by SOCAR with an investment value of 6,3 billion dollars, as well as the other subsidiaries of SOCAR, namely Petlim Container Terminal, Petkim Wind Power Plant and Head Office Building in Aliaga were inaugurated in a solemn ceremony held on October 19, Friday in Aliaga, Izmir. The ceremony was attended by Mr. Recep Tayyip Erdogan, the President, and Mr. Ilham Aliyev, the President of the Azerbaijan Republic, as well as the agents of the two states and the other guests.
Delivering a speech during the ceremony, Mr. Rovnag Abdullayev, the President of SOCAR, said: "We all experience a historical day today. Because, we now hold the opening ceremony of the STAR Refinery the foundations of which were laid by the presidents of the two countries in October of 2011. Constructed and equipped with the state-of-the-art technology, STAR Refinery has a strategic importance for us as we accomplished the integration of refinery and petro chemistry. With its annual crude oil processing capacity of 10 million tons, the refinery will provide substantial contributions to the economy of both Azerbaijan and Turkey." STAR Refinery will reinforce the position of Petkim and SOCAR in the Mediterranean market. The refinery will produce naphtha, the raw material need of Petkim, reducing Turkey's dependency on importation substantially. The capacity of STAR Refinery to process various types of crude oil is an important indicator to increase the competitive power of the refinery."
Stating that they will continue to making investments in Turkey following commissioning of the STAR Refinery, Mr. Abdullayev took the opportunity to thank the Presidents of both Turkey and Azerbaijan, and the other state and government officials, the main contractor of the project TSGI, the international financial institutions providing project finance, and all persons who have exerted their efforts during construction period of the refinery.
One-fourth of all petroleum products, needed by Turkey, will be provided by STAR Refinery!
Equipped with a capacity to decrease the current deficit in the Turkish petro chemical industry as one of the biggest oil operations across the Europe, Middle East and Africa (EMEA) region, STAR Refinery will produce the petroleum products such as naphtha, xylene, diesel, jet fuel and LPG. A total of 19,500 persons, including more than 3,000 engineers from 14 countries, worked in high gear of the construction periods of the refinery holding the first Strategic Investment Incentive Certificate of Turkey. 1,100 persons will be employed following commissioning of the refinery. The stakeholders of the STAR Refinery project are SOCAR (60%) and the Ministry of Economy of the Azerbaijan Republic (40%).
Petlim Container Terminal, opened together with the Refinery, is one of the 3 largest ports of Turkey with its annual 1,5 million TEU capacity, and an amount of approximately 400 million dollars was invested in the terminal.
PETKIM Wind Power Plant, an important project realized by SOCAR in the field of alternative energy, is equipped with a capacity of 51 MW, and has an investment value of 55 million Euro. The plant, connected to the general energy system of Turkey, will provide a substantial contribution to meet the energy need of SOCAR in Aliaga.