SOCAR plans to build refinery in Turkey

Recycling

Azeri state energy firm SOCAR plans to borrow about $4 billion from foreign banks to finance construction of a refinery in Turkey, Reuters quoted a company official as saying. “According to a financing scheme, 65% of financing of the Star refinery will be provided by bank credits, while the remaining 35% (will come) from Azerbaijan’s own resources, mainly the state oil fund,” SOCAR Vice President Suleiman Gasymov said Friday. Turkey currently imports most of its oil products. Its sole refiner, Tupras, already buys some Azeri crude as some of the 28 million tons of oil it processes annually at four plants. Gasymov said SOCAR would sign an EPC (engineering, procurement and construction) contract with a consortium of foreign companies this month. “The EPC contract on construction of the Star refinery with a capacity of 10 million tons of oil a year is expected to be signed within days,” he said. Total construction costs are estimated at $5 billion to $6 billion. It is expected to be completed by 2016.

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