News // petrochemistry
Moscow and Baku mull Russian oil to Turkey's STAR refinery
19 March 2019 , 18:00Neftegaz.RU1085
Ankara, March 19 - Neftegaz.RU. Azerbaijan and Russia discussed the possibility of supplying Russian oil to the STAR refinery in Turkey, owned by SOCAR, the Azerbaijani state company, according to Azerbaijani Trend.
Trend said that Azerbaijan's Energy Minister Parviz Shahbazov and Russian Energy Minister Alexander Novak discussed the issue in Azerbaijan's capital Baku, where the parties agreed to sign a memorandum of understanding to strengthen and further develop cooperation.
The meeting was held as part of and in advance of Monday's meeting of the joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) in Baku.
The opening ceremony for the $6.3 billion STAR facility, locate in the Aegean province of Izmir, was launched on Oct. 19, 2018 in which Turkey’s President Recep Erdogan and Azerbaijan’s President Ilham Aliyev attended.
The facility when fully operational will produce around 5 million tons of diesel, 1.6 million tons of jet fuel, 1.5 million tons of naphtha, 1 million tons of reformate, 700,000 tons of petroleum coke, 300,000 tons of LPG and 200,000 tons of sulphur.
The total output of STAR is expected to decrease Turkey’s current account deficit by $1.5 billion per year, by substituting refinery imports with domestic production. Turkey meets the majority of its oil and natural gas demand through expensive energy imports, which is a main expense on the country’s budget.
13:00 26.03.2019Azerbaijan eyes to greatly increase gas production
00:01 25.03.2019Germany's Wintershall eyes Russian expansion after DEA merger
14:06 20.03.2019Gazprom's European gas sales remain low on warm weather
17:00 18.03.2019LUKOIL eyes to expand its presence in Azerbaijan