Russian oil producer Rosneft will supply 1 Mt/year of oil to State Oil Company of Azerbaijan Republic's (SOCAR) Turkey Aegean Refinery (STAR) refinery project in Aliaga on the Aegean coast (Turkey) starting from the end of 2018. The project has already initiated preliminary commissioning activities and is scheduled to begin full operations in the fourth quarter of 2018. Meanwhile, the first shipment of crude oil arrived in August 2018.
The STAR refinery project is expected to have an annual capacity of 10 Mt/year of crude oil (200,000 bbl/d) and will process a range of different crude oils, including Urals, Azeri Light and Kirkuk. It will process 1.6 Mt/year of naphtha, 1.6 Mt/year of jet fuel, and 4.5 Mt/year of low-sulfur diesel. The project cost is estimated at US$8.61bn (€7.4bn), of which US$3.29bn (€2.83bn) will be financed through a loan from 23 banks.
As of today, the shareholders are Rafineri Holding A.Ş (41.5%, a 100% subsidiary of SOCAR Turkey Enerji A.Ş) SOCAR (40%) and Petkim Petrokimya Holding (18.5%).