Buyer's Credit for STAR Oil Refinery Project
Supporting Export of Plant and Machinery and Equipment by Japanese Companies

  • Area: The Middle East
  • Machinery and Equipment
  • [Project Finance]

JBIC signed a buyer's credit agreement (export loan) in project financing with STAR RAFİNERİ ANONİM ŞİRKETİ (STAR). The State Oil Company of the Azerbaijan Republic (SOCAR), a national oil company of the Republic of Azerbaijan and the Ministry of Economy and Industry of the Republic of Azerbaijan have a stake in STAR. In this project, STAR will build and operate a 10 million ton per annum capacity oil refinery in the Aliaga area about 50 km northwest of Izmir, and sell refined products to distributors and other companies in the domestic market. JBIC provides the necessary funds partially for engineering, procurement and construction of STAR's oil refinery plant, upon a collective order, by a joint venture participated by Itochu Corporation. The construction of this oil refinery is expected to contribute to the improvement of short supply of domestic refined products in Turkey, and also to creating export opportunities for Japanese companies.
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