SOCAR refinery in İzmir to start operations next year
One of the largest energy investments Turkey has seen in the last decade was made by the State Oil Company of Azerbaijan (SOCAR), which began investing in Turkey when the company acquired the country's leading petrochemical company Petkim in 2008 for $2 billion.
Now, the company is preparing to unveil the SOCAR Turkey Aegean Refinery (STAR) in the Aliağa district of İzmir in September 2018. A $6 billion investment, the STAR is the largest foreign direct investment (FDI) made in a single location. One of the most expansive oil operations in Europe, the Middle East and Africa, the STAR will have a capacity to process 10 million tons of crude oil per year and manufacture imported goods in Turkey.
Addressing a group of journalists about the STAR, General Manager Mesut İlter said the construction of the refinery started in 2011 and 96.4 percent was completed by the end of October, and by the end of this year, 97.5 percent of construction will be done.
"The STAR refinery will start operating in September 2018, and start production. It will work with capacity to process 10 million tons of crude oil, so it will produce imported goods in Aliağa," İlter said. He also drew attention to the fact that the refinery is the largest FDI from the private sector for a single location, as it required a $6 billion. He also said the STAR is the first project in Turkey with a strategic investment incentive certificate.source: Daily Sabah
08.11.2017
