The Star Oil Refinery To Boost Turkey’s Petrochemical Industry
Turkey’s petrochemical industry could develop dramatically over the next few years, thanks to The Star oil refinery in the country.
Turkish Treasury and Finance Minister Berat Albayrak spoke at the opening of the refinery of Azerbaijan’s state oil company SOCAR in Izmir on October 19th, saying how important the site is for Turkey, .
Producing naptha, diesel with ultra-low sulfar, aviation fuel, petroleum coke, liquefied gas and other products, the Trans-Anatolian Natural Gas Pipeline (TANAP) is expected to be an example of union across the world.
It will also not produce gasoline or fuel oil, but will process Azeri Light, Kerkuk and Urals, with plans to create up to ten million tons of high-grade oils per annum.
The project will take natural gas from Azerbaijan’s Sha Deniz-2 gas field and other areas of the Caspian Sea to Turkey, along with other places in Europe. Through two sites, that stretch 1,850km.
Mr Albayrak added that strong co-operation between the two countries, as well as support for one another and healthy competition will ensure the project can continue and thrive. The news provider quoted the minister as also saying these will help protect the interests of both Turkey and Azerbaijan, including economically.
Sixty per cent of shares in the project are Rafineri Holding’s, which own all of SOCAR Turkey Energy; while 40 per cent are owned by SOCAR in Azerbaijan.
If Turkey’s petrochemical industry does take off as a result of this union, demand for will surge in the country.