SOCAR to continue investing in Turkish economy

Tue 21 May 2019 12:31 GMT | 16:31 Local Time

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SOCAR will continue to invest in the Turkish economy, Director General of the STAR refinery Mesut Ilter said, Trend reports via Turkish media.

Presently, SOCAR's total investments in Turkey amount to $15 billion, but it is possible that these investments will increase to $19.5 billion, Ilter said.

The general director also noted that SOCAR fully trusts the Turkish economy.

Regarding the work of the STAR refinery, Ilter noted that it is planned to process 8 million tons of crude oil at the refinery by the end of 2019.

A groundbreaking ceremony was held for the opening of the Star oil refinery in Izmir on October 19, 2018.

The total oil refining capacity of the refinery will make up 10 million tons, and SOCAR will be the main supplier of raw materials for the enterprise.

The refinery will allow for significantly reducing the dependence of Turkey on imports of petrochemical products.

Around 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel fuel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulfur will be produced in the Petkim petrochemical complex of the refinery. The refinery is worth $6.3 billion and was built by SOCAR in the Aliaga District of Turkey’s Izmir Province.

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