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Friday, January 18, 2019

Financing banks announced for SOCAR STAR refinery in Turkey

A list of 23 banks that will be financing the construction of SOCAR's STAR oil refinery in the Aliaga port in Turkey was announced in an official ceremony last week.

The list includes the following banks: Banco Popular Espanol, Banco Santander, The Bank of Tokyo Mitsubishi, BBVA, BNP Paribas, CaixaBank, CESCE, Credit Agricole Corporate Investment Bank, Deutsche Bank, Export Development Canada Bank, Garanti Bankası, ING Bank, Intesa Sanpaolo, JBIC, KFW IPEX, The Korea Development Bank, KSURE, Natixis, NEXI, SACE, Societe Generale, Unicredit and USEXIM.

The project includes an allocation of approximately $2.7 billion for 18 years and $600 million for 15 years with a four-year grace period.

The $5.5 billion Star refinery will supply feedstock to petrochemicals maker Petkin in an effort to help Turkey reduce its dependence on imported refined oil products.

The plant will have a capacity of 10 million tons, 1.6 million tons of which Petkin will receive in the form of naphtha.