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Star Refinery to export $500M worth products per year

27 March 2019 [14:55] - TODAY.AZ

By Azernews


By Leman Mammadova

Star Refinery will export $500 million worth products per year, Mesut ?lter, Director General of Star Refinery, said, Trend reports citing Turkish media.

He pointed out that currently, all test works are complete at the refinery.

At the moment, Star refinery is operating actively and will reach its full capacity in a short time, said ?lter.

He went on to add that for the remaining part of the year, the refinery will process 7.5-8 million tons of oil, while in 2020, it will process 10 million tons of oil with its full capacity.

Ilter said that when Star refinery reaches its full capacity, it will fully meet the raw materials needs of Petkim.

The Director General noted that 42 million tons of liquid fuel products are consumed annually in Turkey, adding that SOCAR Turkey's ( subsidiary of Azerbaijani state oil company-SOCAR) investments are aimed precisely at reducing the dependence of the Turkish market on imports.

Ilter underlined that company plans to increase the annual production of diesel fuel to 5 million tons, which will bring a revival in the petrochemical sector of Turkey.

“Last year, 24 million tons of diesel fuel was consumed in Turkey, 60 percent of which was imported. The figure will be reduced to 40 percent, after STAR Refinery will produce diesel fuel of 5 million tons. This reduction will affect the import of other fuels. Thus, only 60 percent of aviation fuel consumption will be provided by the new airport in Istanbul after its full commissioning. The annual consumption of aviation fuel in Turkey is 5.3 million tons, 90 percent of which is provided by local production, and after the STAR plant reaches its full production capacity, the import figure will be reduced to zero,” he said.

Ilter also noted that SOCAR has already made $15 billion out of $19.5 billion worth investments in Turkey.

“These investments are important steps towards ensuring Turkey’s energy supply security,” he added.

STAR Oil Refinery will supply Petkim with raw materials. STAR Oil Refinery, which was built to improve Petkim's value chain, will make a significant contribution to the diversification of the company's pro vice assets as a project that holds an important place in the new strategic development course of SOCAR.

The plant will produce 5 million tons of diesel fuel, 1.5 million tons of naphtha, 1.6 million tons of aircraft fuel, 1 million tons of xylene / reformat, liquefied petroleum gas (LPG), oil coke and sulfur per year.

The total investment of the project is $ 6.3 billion, of which 90 percent has been already invested. By the end of 2021, Star's total capacity will be increased. In the end, the investment will total $7 billion. STAR has the first investment incentive granted by Turkey.

Star Oil Refinery that is the first Turkey-specific Industrial Zone opened in October 2018. Star has already launched the sale of its first products this year. By selling 1.303 tons of naphtha produced at STAR refinery to Petkim, SOCAR Turkey Energy completed the integration of the refinery and the petrochemical complex.

URL: http://www.today.az/news/business/180675.html

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