Azerbaijan’s Socar allocates $425m for Turkish refinery

Azerbaijan’s state energycompany Socar has allocated $425 million to Turkey for construction of the Starrefinery in the Aegean region of Aliaga, the company said.

Kenan Yavuz, head of SocarTurkey, said the company has already invested $350 million in the project.

Yavuz said Star isestimated to cost $5.5 billion, $1.9 billion of which will be financed through equitycontribution. It will start production in 2017, he said.

Socar holds 81.5 percent ofthe Star refinery. Turcas Petrol has the remaining 18.5 percent.

ANN.Az