Azerbaijan’s state oil company SOCAR and Russia’s Rosneft company signed a contract on the supply of Russian oil to Turkey’s STAR oil refinery, owned by SOCAR.
The document was signed by President of SOCAR Rovnag Abdullayev and Head of Rosneft company Igor Sechin.
The document was signed on the basis of the framework agreement concluded between the sides on August 23, 2018. According to the terms of the contract, one million tons of oil will be supplied to the refinery within one year from December 1, 2018.
STAR refinery will produce naphtha, ultra-low sulfur diesel, aviation kerosene, petroleum coke, liquefied gas and other products. The refinery will not produce petrol and fuel oil. It will process such oil grades as Azeri Light, Kerkuk and Urals. The refinery is planned to be commissioned in October 2018. The refining capacity will be 10 million tons of products per year.
To date, the project shareholders are: Rafineri Holding with 60 percent (completely owned by SOCAR Turkey Energy), which previously bought out all 18.5 percent of the project shares of Turcas Petrol, and SOCAR with 40 percent.
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