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Detail – Energy Country Profile

SOCAR plans US$5bn investment in Turkish refinery project by 2017

Azerbaijan's national oil and gas company SOCAR plans to invest US$5bn in the construction of a refinery in western Turkey, which would be commissioned in mid-2017.

The so-called Star refinery would be built in Aliaga on the Aegean coast and would have a capacity of 10 Mt/year (200,000 bbl/d). SOCAR, which owns 81.5% of the project (18.5% held by Turcas), has signed a US$3.46bn Engineering, Procurement and Construction (EPC) contract with a consortium of Tecnicas Reunidas, Saipem, GS Engineering and Itochu; the group plans to borrow about US$3bn to finance the project.

Source: 22 May 2013