Giant refinery opens in Turkey’s İzmir for $6.3 billion investment

The first new oil refinery to be built in Turkey in 30 years has opened in the Aegean city of İzmir by...

The first new oil refinery to be built in Turkey in 30 years has opened in the Aegean city of İzmir by Azeri oil company SOCAR in a ceremony attended by Turkish President Recep Tayyip Erdoğan and his Azerbaijani counterpart Ilham Aliyev. The $6.3 billion Star Refinery will help cut Turkey’s dependence on imported refined oil products. It will also boost Turkish refining capacity by 30 %. “In opening Star Refinery, Turkey and Azerbaijan will take brotherly strategic ties to the next level,” Erdoğan said during his speech, adding that this refinery was “the largest greenfield investment in Turkey of the last 30 years.” Significant rise in Turkey’s refining capacity The refinery, which started construction in 2011, is located near the campus of one of Turkey’s top-ranking industrial enterprises, a container port and the country’s leading petrochemical company PETKİM, owned by SOCAR. Turkey’s total refining capacity will go up by 33 percent to reach 40 million tons per year after Star Refinery becomes fully operational, according to officials. //Hurriyet Daily News

Last Updated: 8.4.2019 17:42:40