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Azerbaijan further increasing its economic power with Star refinery project

October 22, 2018/ 11:59

Baku, Azerbaijan. Azerbaijan is further increasing its economic power by implementing such projects as the construction of the Star oil refinery, Azerbaijani MP Tahir Mirkishili told Trend.

He noted that qualitative changes are taking place in Azerbaijani economy, which are important for the future of the country.

“One of such projects is the Star oil refinery, the construction of which was completed in Turkey,” he said. “This plant worth $6.3 billion will produce diesel, aviation fuel, naphtha, xylene and other products for the Turkish domestic market. The annual production capacity of the plant is 4.8 million tons of diesel fuel, 1.6 million tons of naphtha and 1.6 million tons of aviation fuel. The Star refinery will increase the oil refining capacity in Turkey, which now reaches 28.1 million tons, by 33 percent, will make it possible to save $1.5 billion in imports of refined petroleum products”.

The MP noted that the need for diesel fuel is steadily increasing in the developing transport sector of Turkey.

“Turkey imported diesel fuel worth $7 billion in 2017,” said Mirkishili. “The Star refinery will reduce imports of petroleum products by 36 percent. The refinery, depending on oil prices, will generate trade value of $6-8 billion annually.”

He added that after the completion of all projects in Turkey, investments of Azerbaijan’s state oil company SOCAR in the Turkish economy will reach $19.5 billion, told Trend.

“Azerbaijan, which is building a regional economy, will further increase its economic power with these projects”, said the MP.

The opening ceremony of the Star oil refinery took place on October 19 in Izmir city of Turkey with the participation of President of Azerbaijan Ilham Aliyev and President of Turkey Recep Tayyip Erdogan.

The total oil refining capacity of the refinery will be 10 million tons, and Azerbaijan’s state oil company SOCAR is the main supplier of raw materials for the refinery. The refinery will significantly reduce the dependence of Turkey on imports of petrochemical products.

At the refinery worth $6.3 billion, built by SOCAR in the Aliaga district of the Turkish city of Izmir, on the territory of the Petkim petrochemical complex, 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel fuel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulfur will be produced.

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