Turkey’s STAR Refinery Receives Award from London

Source: www.gulfoilandgas.com 2/6/2015, Location: Europe

Project Finance International (PFI), magazine of Thomson Reuters publications, awarded world-class projects financings in a ceremony where SOCAR Turkey’s STAR Refinery was awarded as the “Refinery Financing Deal of the Year”.

PFI magazine of Reuters, operating in international finance and published for 28 years, announced the winners of the prestigious awards in a ceremony held in London.

The Project financing of STAR Refinery, valued at US$3.29b, the first refinery built by private sector in Turkey, received the “Refinery Financing Deal of the Year” award within the scope of International Finance Project Awards. The agreement has been the most multi-resourced and sophisticated project financing transaction of Turkey in terms of loan amount, security package and maturity date.

Mr. Kenan Yavuz, President of SOCAR Turkey commented: “Financing package of our project is participated by 7 export credit agencies from 6 countries, 13 international commercial banks, 2 foreign development banks and 1 Turkish commercial bank. STAR financing is the largest Oil & Gas based project financing transaction carried out in Europe-Middle East- Africa region in 2014. With the refinery we will address and contribute to current account deficit problem of Turkish economy with a total of minimum US$2.5b per year. 10 million tons of crude oil per year will be transformed into products that our country imports. In consequence, the added-value to be created will remain in the country, serving people’s wealth and development of Turkey.”

Stating that STAR Refinery’s total cost will reach US$5.7b, Kenan Yavuz continued, “US$3.29b of the total cost will be covered by project financing loans whereas the remaining USD$2.4b will come from our own capitals.” Apart from being the largest investment ever made in a single point in Turkey, the refinery features the most environmental-friendly, most efficient and most advanced technology in the world.

STAR Refinery had also collected 3 awards out of 4 nominations among the financings in Turkey in Bond & Loans Awards event held by Global Financial Conferences in Istanbul last year.


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