(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 4
By Maksim Tsurkov – Trend:
Construction project of Star oil refinery of Azerbaijan's state oil company SOCAR in Turkey has been completed by 95 percent, the Turkish media reported quoting Mesut Ilter, the refinery's director general.
He said that 19,500 people from 14 countries, including 3,000 engineers are involved in the refinery's construction, which will be finished by the end of this year.
'After the Star oil refinery is launched next year, it is expected that Turkey will be able to save almost $1.5 billion per year on the import of petroleum products,' Ilter noted. 'The refinery will be able to process 10 million tons of oil per year with storage capacity volume of 1.6 million cubic meters. The refinery will annually produce 1.6 million tons of naphtha, 5 million tons of diesel fuel, 1.6 million tons of jet fuel, 300,000 tons of liquefied petroleum gas and 1 million tons of raw materials for the manufacture of petrochemicals.'
The total cost of the Star oil refinery construction project exceeds $5 billion.
Under a decree of Azerbaijan's President Ilham Aliyev on additional measures to support the participation of Azerbaijan in the construction of the Star refinery in Turkey, SOCAR Turkey Yatirim JSC was created with an authorized capital of $1.9 billion and with 40-percent share held by the state. Under the decree, the state share in SOCAR Turkey Yatirim JSC will be financed by SOFAZ (State Oil Fund of Azerbaijan).
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