Star Oil Refinery to open early

Star Oil Refinery to open early
# 09 February 2015 08:41 (UTC +04:00)

Baku - APA-Economics. The STAR refinery of the State Oil Company of Azerbaijan (SOCAR) will be commissioned in late 2017, said the SOCAR-Turkey CEO Kenan Yavuz.

He said that the commissioning of STAR refinery in late 2017 will allow to reduce the shortage in Turkey’s current account at least by $2.5 billion.

TürkiyÉ™dÉ™ tikilÉ™n "STAR" neft emalı zavodu vaxtından öncÉ™ istismara verilÉ™cÉ™k.

It was earlier reported that the plant will be put into operation in Q1 of 2018.

Moreover, Yavuz noted that SOCAR signed loan agreements totaling $3.29 billion with around 23 financial institutions in the Turkish city of Istanbul on June 6, as part of constructing a new Star refinery in Turkey. The loan package consists of the funds of export-import banks (Spain, Italy, Japan, US and the Republic of Korea), some 16 foreign trade and investment banks, as well as one local bank.

The total cost of the project is $5.7 billion and some $3.29 billion of this amount will be provided with the loans, according to the message.

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