STAR Refinery Receives Best Financial Project Management Award

STAR Refinery, a subsidiary of SOCAR Türkiye, has been awarded the "Best Financial Project Management" prize in the Finance category at the International Finance Awards, presented by International Finance, a prestigious finance and business analysis magazine published by International Finance Publications Ltd. in the United Kingdom. The prestigious award, which is given annually in 10 categories across Europe, Asia, the Middle East and Africa, was presented to the winners at a ceremony held in Dubai on 17 January. Finance Director Betül Sarıkaya accepted the award on behalf of STAR Refinery.

STAR Refinery General Manager Mesut İlter,

said that they were proud to be recognized with this prestigious award through Turkey's largest real-sector investment made at a single location. İlter noted that they received Turkey's first Strategic Investment Incentive Certificate in December 2012 for the project with a total investment cost of USD 6.3 billion, and stated: "Of this major investment carried out by SOCAR, USD 3.3 billion was financed through project financing credit under an agreement signed on 29 May 2014, while the remainder was covered by equity. Our financing package, which set firsts in terms of credit amount, duration and sources, has won us many awards to date. This award, which we were honored to receive under the International Finance Awards, was given for our successful and compliant management of project financing in accordance with contractual provisions over a 5-year period. Our refinery, which came into being both through the employment it created during the construction phase and through multi-source and best-managed project financing, now brings prestige and value to Turkey and Azerbaijan, and will continue to contribute to the economy through the high-value-added products it produces."