SOCAR Turkey, a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), will build a refinery called Star at the Aliaga Port on the Aegean Sea. The project will be financed by the European Bank for Reconstruction and Development and other commercial banks with $5.1 billion.
The EBRD plans to grant a loan worth $150 million for the refinery construction. SOCAR Turkey owns 41.5% of the shares in the project, the State Oil Fund of Azerbaijan (SOFAZ) owns 40% and TURCAS Petrol A.S owns 18.5%.
The refinery will process 10 million tons of oil (213 million barrels) a year and produce petrochemical products of the EURO V standard.
