STAR Refinery Received International Award

Source: www.gulfoilandgas.com 2/24/2015, Location: Asia

One of the most prestigious magazines Infrastructure Journal (IJ) Global held its Europe & Africa awards dinner in London on February 19. STAR Refinery Plant Project, implemented by SOCAR in Turkey, was awarded Best Oil and Gas Project of the Year in Europe.

Leading professionals attended the Europe & Africa awards ceremony, which recognises excellence, achievement and innovation in energy and infrastructure finance. Being the first private refinery in Turkey worth $3.29 billion, STAR Refinery was awarded the nomination “The best finance transaction among refineries.” IJ Global stated that despite not providing any completion guarantee to the lenders, STAR Refinery is the first project financing of its kind from credit amount and term point of view.

According to Kenan Yavuz, CEO of SOCAR Turkey Enerji A.?, the agreement is the biggest, multi-source, and most sophisticated project finance transaction in Turkey for its credit amount, warranty form and term. Seven export-credit institutions from 6 countries, 13 international commercial banks, 2 foreign development banks and 1 Turkish bank (Qaranti Bank?) participate in the project financing.

Commissioning of STAR refinery in the first quarter of 2018 will contribute to reduce $2.5 billion of Turkey’s current deficit. 10 million tons of crude oil to be processed at this facility annually will be used to produce the products previously imported to Turkey, thus providing added-value for Turkish people and the country.

STAR refinery is among the world’s most eco-friendly and effective projects based on modern technologies.


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