STAR Refinery, the SOCAR Turkey’s subsidiary with 10 million tonnes of oil refining capacity a year, continues new investments for increasing its storage capacity. While SOCAR Storage Terminal Tank Expansion Project – one of the projects carried out in this framework – was inaugurated, the foundation of STAR Refinery Crude Oil and Oil Product Tanks Project was laid.Rovnag Abdullayev, president of SOCAR, Vagif Aliyev, chair of the board of SOCAR Turkey, Zaur Gahramanov, CEO of SOCAR Turkey, Mesut Ilter, general director of STAR Refinery, Anar Mammadov, general director of Petkim, and executives of the project contractors attended the ceremony. With the new investments, the storage capacity used by SOCAR Turkey and its customers will reach to 2.5 million cubic metres.
Speaking at the ceremony, Abdullayev stated that SOCAR continues its investments in the oil, natural gas and petrochemical fields: “Last year, we were here for the inauguration ceremony of the STAR Refinery. We are happy to be back in Aliaga for our new projects within a year. Our petrochemical investments constitutes an important pillar of our operations, creating a long-term income source by bringing added value to the Azerbaijan economy, as well as making a big contribution to the region and Turkey.”In this context, Petkim generated $0.0083mn revenue and more than 0.0007mn net profit during the last decade. Furthermore, four million tonnes of oil were refined in the STAR Refinery, which will reach eight million tonnes by the end of this year. Abdullayev underlined that the increase of storage capacity will also contribute to the productivity, commercial flexibility and production safety of STAR Refinery.
SOCAR president closed his speech with these words: “Centuries old friendship between Azerbaijan and Turkey has made great progress in the economic sphere with the will and support of the presidents of the two countries. We look forward to extending our cooperation and strengthening our economic ties in the future.”SOCAR Storage Terminal Tank Expansion Project inaugurated at the ceremony, includes 12 tanks with a total capacity of 335,000 cubic metres. Currently, the terminal is the largest one in the Aegean region. With the new facilities, which will further increase the capacity, it will be one of Turkey’s five largest terminals.
The facility will store diesel, gasoline, jet fuel and reformates, construction of which started in September 2017. The next stage will be STAR Refinery Crude Oil and Oil Products Tanks Project, started with the ground-breaking ceremony. This project will increase the refinery’s storage capacity and enhance operational flexibility. The project that will provide additional 342,000 cubic metres of storage capacity is scheduled to finish in 2021.For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.