Turkish economy’s stimulating project to accelerate Star refinery construction

Azerbaijan, Baku, June 25 / Trend A. Taghiyeva / The project to stimulate the economy and offer benefits for investments in the Turkish regions is creating conditions for accelerating the process of constructing SOCAR's oil refinery Star in Izmir, Petkim petrochemical complex, board member Kenan Yavuz said, Haberler agency reported. "Investors have additional benefits in regional projects of the country thanks to the project of stimulating the Turkish economy, he said. "For example, the construction of the Star refinery will be accelerated and simplified." Regarding the significance of this refinery, Yavuz said its commissioning will reduce Turkey's volume of imports which will significantly reduce the trade deficit of the country. The total capacity of the refinery is 10 million tons and oil products produced at the plant will be designed to meet the needs of the Petkim chemical company and Turkey's domestic market. As a SOCAR senior official said previously, $6 million will be directed for the construction of the oil refinery. This will be financed partly through shareholders (30 per cent), which is about $1.8 billion and the rest through bank loans. Annual production of naphtha which is used as the primary Petkim raw material will be 1.66 million tons in STAR. Currently, more than 80 per cent of the needs of Petkim in naphtha are met through imports whose dependence will be reduced to zero after the opening of the new refinery. Do you have any feedback? Contact our journalist at agency@trend.az