SOCAR's $6-billion refinery in İzmir will begin production in September 2018 with a goal to reduce imports and decrease the current account deficit while boosting employment, Turkish Daily Sabah reported on November 7, 2017.
One of the largest energy investments Turkey has seen in the last decade was made by the Azerbaijani SOCAR, which began investing in Turkey when the company acquired the country's leading petrochemical company Petkim in 2008 for $2 billion.
Now, the company is preparing to unveil the SOCAR Turkey Aegean Refinery (STAR) in the Aliağa district of İzmir in September 2018.
A $6 billion investment, the STAR is the largest foreign direct investment (FDI) made in a single location.
One of the most expansive oil operations in Europe, the Middle East and Africa, the STAR will have a capacity to process 10 million tons of crude oil per year and manufacture imported goods in Turkey.
Addressing a group of journalists about the STAR, General Manager Mesut İlter said the construction of the refinery started in 2011 and 96.4 % was completed by the end of October, and by the end of this year, 97.5 % of construction will be done.
The Turkish fuel sector records 4 % growth per year and diesel alone expands 7 % annually.
When the refinery becomes operational, İlter said it will produce 5 million tons of diesel, 1.6 million tons of jet fuel, 1.6 million tons of naphtha, 700,000 tons of petroleum coke, 500,000 tons of reformate, 400,000 tons of mixed xylene, 300,000 tons of LPG and 160,000 tons of sulfur.
İlter said Turkey consumed 22 million tons of diesel in 2016 and 9.6 million tons of this consumption was produced within the country and the remaining 12.4 million was imported.
According to estimations, the consumption of diesel is foreseen to increase to 25 million tons in 2019, İlter said, adding that the 5 million tons of diesel production in the refinery makes up 20 % of it.