STAR oil refinery making its first sale
SIlter noted that naphtha intended for SOCAR's Petkim complex constituted the major portion of the first sale of products.
He also added that the plant will start operating at full capacity in the next 10 days.
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.
Opening ceremony of Star Oil Refinery that is the first Turkey-specific Industrial Zone was held in October 2018.
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.
STAR Oil Refinery will process 34,000 cubic meters of crude oil daily. SOCAR Turkey Energy A.S. earlier reported that STAR will reduce Turkey’s annual deficit by about $1.5 billion. STAR refinery will meet more than 25 percent of the processed oil products need of Turkey upon its startup. Certified with the first investment incentive granted by Turkey, STAR Refinery will eventually reduce the foreigndependency of the country.
STAR is the biggest investment made by private sector in Turkey. The first crude oil load of 80,000 tons to the STAR Oil Refinery delivered from Azerbaijan. With its 4.8 million tons of diesel fuel and 1.6 million tons of naphtha, Turkey will also increase its competitive power in the global energy market with STAR NEZ, which will also produce oil products such as jet fuel and LPG.
Azerbaijani state company SOCAR invests in Turkey through its subsidiary SOCAR Turkey Energy, which is one of the largest investors in Turkish economy, has started operating under Petkim in 2008.
Petkim Petrochemical complex, a subsidiary of SOCAR in Turkey, produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The complex includes 14 factories producing 20 different types of products.
Turkey's first petrochemical plant "Petkim Holding" was established in 1965. SOCAR purchased 51 percent stake in Petkim for $ 2.04 billion, at the end of privatization process in 2008. Over $ 760 million has been invested to improve Petkim over these years.