SOCAR's massive investment STAR Refinery opens

SOCAR, Turkey's largest direct foreign investor, opened the STAR Refinery, built with an investment of USD 6.3 billion, at an international ceremony. With an annual crude oil processing capacity of 10 million tons, the refinery will meet a large share of Turkey's petroleum product needs. SOCAR's new refinery will generate substantial revenue for the Azerbaijani and Turkish economies in the coming years. The STAR Refinery, valued at USD 6.3 billion and representing the largest single-point investment by the private sector in Turkey, along with SOCAR's other subsidiaries—Petlim Container Terminal, Petkim Wind Power Plant, and Aliağa General Directorate Building—were opened in a grand ceremony held in Izmir Aliağa on Friday, 19 October. The ceremony was attended by President Recep Tayyip Erdoğan, President of the Republic of Azerbaijan Ilham Aliyev, government representatives of both countries, and other guests. At the opening, SOCAR President Rövnag Abdullayev stated regarding the STAR Refinery: "Today is a historic day for us. We are opening the STAR Refinery, whose foundation was laid in October 2011 by the presidents of both countries. Built and equipped with the world's most advanced technologies, the STAR Refinery is a strategically important investment where we have achieved refinery and petrochemistry integration. With an annual crude oil processing capacity of 10 million tons, the refinery will provide significant contributions to the Azerbaijani and Turkish economies." The STAR Refinery will further strengthen Petkim's and SOCAR's position in the Mediterranean market. Petkim's feedstock naphtha will be produced here, and Turkey's import dependency will be significantly reduced. The STAR Refinery's ability to process various types of crude oil is an important indicator that enhances the refinery's competitiveness." Stating that investments in Turkey will continue following the STAR Refinery's launch, Abdullayev expressed his gratitude to the presidents of Turkey and Azerbaijan, other state and government officials, the main contractor TSGİ, the international financial institutions involved in the project's financing, and all workers who contributed to the refinery's construction.

One quarter of Turkey's petroleum product needs from the STAR Refinery!

The STAR Refinery, one of the largest petroleum operations in the Europe, Middle East, and Africa (EMEA) region and set to make a significant contribution to reducing the current account deficit in Turkey's petrochemistry sector, will produce petroleum products including naphtha, xylene, diesel, jet fuel, and LPG. The refinery, which holds Turkey's first Strategic Investment Incentive Certificate, employed a total of 19,500 workers, including more than 3,000 engineers from 14 countries during the peak construction period. Following the refinery's launch, employment will number 1,100 persons. In the STAR Refinery project, SOCAR holds 60% and the Ministry of Economy of the Republic of Azerbaijan holds 40% stakes. The Petlim Container Terminal, which opened alongside the refinery, is one of Turkey's three largest ports with an annual capacity of 1.5 million TEU, and approximately USD 400 million was invested in the terminal. The Petkim Wind Power Plant, an important project SOCAR has implemented in the alternative energy sector, has a capacity of 51 megawatts and received an investment of EUR 55 million. The power plant, connected to Turkey's general energy system, will also make a significant contribution to meeting SOCAR's energy demand in Aliağa.