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Petkim in talks to buy stake in Star refinery

Petkim in talks to buy stake in Star refinery

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Date: 21 December 2015 12:22

Baku, Azerbaijan, Dec. 21

By Maksim Tsurkov – Trend:

Turkish Petkim petrochemical complex continues talks on buying a stake in the Star refinery, said the message of the Turkish state body on public alert (Kamuoyunu Aydınlatma Platformu - KAP) posted Dec.21 on its website.

Earlier it was reported that the Board of Directors of Petkim petrochemical complex gave permission to start negotiations for the purchase of 12-14 percent stake of Rafineri Holding from SOCAR Turkey Enerji, which will make it possible for Petkim to become the owner of 7-9 percent share in the Star refinery.

The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million tons at the STAR refinery.

Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur to the amount of 5.95 million tons, aviation kerosene - 500,000 tons, reformate - 500,000 tons, petroleum coke - 630,000 tons, liquefied gas - 240,000 tons, mixed xylene - 415,000 tons, olefin LPG - 75,000 tons and 145,000 tons of sulfur. The refinery will not produce petrol and fuel oil.

It is planned to refine Azeri Light, Kerkuk and URALS oil at the plant.

At present, the share distribution in the project is as follows: 60 percent is owned by Rafineri Holding A.Ş. (100 percent owned by SOCAR Turkey Enerji A.Ş.), which had previously acquired all the remaining 18.5 percent share of Turcas Petrol in the project, and 40 percent belongs to SOCAR.

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