SOCAR's Star Refinery in Izmir to become important money-earner for Azerbaijan

One of Azerbaijan's largest overseas investments - the Star oil refinery built by the Azerbaijani state oil company SOCAR in Turkey, will bring a net profit of hundreds of millions of dollars for Azerbaijan and SOCAR,  according to SOCAR sources cited by Trend News Agency

"We are gradually carrying out commissioning works and it is expected that this year the oil refining complex will reach full production capacity. This allows us to move from the project development stage to operations when the project starts to generate revenue," the company said.

SOCAR noted that the new refinery focuses on the huge potential of the Turkish market.

The plant, costing USD 6.3 billion, was built by SOCAR in the Aliaga district of the Turkish city of Izmir and started operations in October 2018.

"The refinery will help Turkey reduce its trade deficit by replacing a significant part of the currently imported products with local production. The Star refinery will also bring a net profit of hundreds of millions of dollars for Azerbaijan and SOCAR. Integration with other SOCAR facilities on the Aliaga peninsula will also increase the efficiency of petrochemical production. Star refinery will supply our petrochemical complex Petkim with naphtha, which has so far been imported from abroad, "the state oil company said.

The total oil refining capacity of the plant will be 10 million tons once the plant is working at full capacity. SOCAR is expected to supply oil and other related raw materials for the company.

The Star oil refinery is one of the largest foreign investments ever to be made in Turkey, and it is also becoming a symbol of friendship and co-operation between the two countries. Azerbaijan however also sees the investment as a sound business venture, and at a time of uncertainty in oil markets, revenue from investments such as the Star refinery will provide SOCAR and Azerbaijan with an alternative source of revenue.

source: commonspace.eu with Trend news agency

photo: The SOCAR Star oil refinery in Izmir, Turkey (archive picture)

 

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
Dozens participate in new Armenia-Azerbaijan dialogue process as societies prepare for the signing of historic peace agreement

Dozens participate in new Armenia-Azerbaijan dialogue process as societies prepare for the signing of historic peace agreement

The governments of Armenia and Azerbaijan have recently agreed the text of a historic peace agreement that ends years of animosity and warfare. The agreement is expected to be signed soon. LINKS Europe, which has a long history of engagement with the process of peace in the region, recently launched a new Armenia-Azerbaijan dialogue format in the framework of the European Union's EU4Peace initiative. In the last two weeks dozens of Armenians and Azerbaijanis, including academics, students, civil society activists, journalists and other professionals, many of them young, were involved. The work is organised in five thematic groups focusing on peace and security, connectivity, environment, governance and gender and equality and in phase 2 of the project, which has just ended, around fifty participants took part in in-person and online meetings, and more than twenty others were involved indirectly. The Chairpersons of the five thematic groups met in Vilnius, 3-6 July to launch the third phase of the program. The five thematic groups are now working on separate reports, which are expected to be finished in November and presented to the two governments and other stakeholders. The reports will outline a vision, up to 2040.

Popular

Editor's choice
News
Dozens participate in new Armenia-Azerbaijan dialogue process as societies prepare for the signing of historic peace agreement

Dozens participate in new Armenia-Azerbaijan dialogue process as societies prepare for the signing of historic peace agreement

The governments of Armenia and Azerbaijan have recently agreed the text of a historic peace agreement that ends years of animosity and warfare. The agreement is expected to be signed soon. LINKS Europe, which has a long history of engagement with the process of peace in the region, recently launched a new Armenia-Azerbaijan dialogue format in the framework of the European Union's EU4Peace initiative. In the last two weeks dozens of Armenians and Azerbaijanis, including academics, students, civil society activists, journalists and other professionals, many of them young, were involved. The work is organised in five thematic groups focusing on peace and security, connectivity, environment, governance and gender and equality and in phase 2 of the project, which has just ended, around fifty participants took part in in-person and online meetings, and more than twenty others were involved indirectly. The Chairpersons of the five thematic groups met in Vilnius, 3-6 July to launch the third phase of the program. The five thematic groups are now working on separate reports, which are expected to be finished in November and presented to the two governments and other stakeholders. The reports will outline a vision, up to 2040.