STAR oil refinery inaugurated

Baku. 19 October. REPORT.AZ/ President of Azerbaijan Ilham Aliyev, President of Turkey Recep Tayyip Erdo─čan, President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev, Turkey’s Treasury and Finance Minister Berat Albayrak and Turkey’s Minister of Energy and Natural Resources Fatih Dönmez spoke at the opening ceremony of the STAR Oil Refinery in Izmir.

Report informs that  the oil refinery was inaugurated following the speeches.

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During the opening ceremony of the STAR oil refinery in Izmir, President of Azerbaijan Ilham Aliyev and President of Turkey Recep Tayyip Erdogan watched the plant area from the terrace.

Report informs that the heads of state were informed about the works carried out at the STAR oil refinery.

Then a souvenir photo was taken.

A video featuring the historical significance of the plant was first demonstrated at the opening ceremony of the STAR oil refinery. 

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An opening ceremony of the STAR Oil Refinery (SOCAR Turkey Aegean Refinery) of the State Oil Company of Azerbaijan (SOCAR) is being held in Aliaga, Izmir, Turkey.

Report informs that the ceremony is being attended by Azerbaijani President Ilham Aliyev, Turkish President Recep Tayyip Erdogan, SOCAR President Rovnag Abdullayev and state and government officials from both countries.

The foundation of the STAR Oil Refinery was laid down by Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdogan on October 25, 2011. The refinery was constructed by a consortium comprising “Técnicas Reunidas” (Spain), “Saipem” (Italy), “GS Engineering & Construction Corp” (South Korea) and “Itochu” (Japan). The total cost of the project is $6.3 billion.  STAR has the first Strategic Investment Promotion Document of Turkey. The capacity of the refinery is 10 million tonnes of crude oil per year. The plant is planned to carry out processing of such oil grades as Azeri Light, Kerkuk and Urals.

After starting the operation, the refinery will produce 1.6 million tonnes of naphtha, 5 million tonnes of diesel, 1.6 million tonnes of aircraft fuel, 300,000 tonnes of LPG, 700,000 tonnes of oil coke, 400,000 tonnes of mixed xylol,160,000 tonnes of sulfur and other products. STAR will supply raw materials to the only petrochemical complex of Turkey - Petkim in which SOCAR holds the main share, meet the growing demand for diesel and aircraft fuel in the Turkish market and reduce Turkey’s import by $1.5 billion. The refinery will meet more than 25% of Turkey's demand for oil products.


Saudi Arabia agrees to invest in new oil refinery in Pakistan's Gwadar

ISLAMABAD (Reuters) - Saudi Arabia’s Aramco has agreed in principle to invest in a new oil refinery in Pakistan’s Chinese-funded, deepwater port of Gwadar, the Pakistani petroleum minister said on Thursday.

 
 
FILE PHOTO: A general view of the old port in Gwadar, Pakistan, November 13, 2016. REUTERS/Caren Firouz/File Photo

But a Saudi delegation visit ended with no economic lifeline for the South Asian nation’s looming foreign currency crisis.

Petroleum Minister Ghulam Sarwar Khan said talks had not sought deferred oil payments, contradicting an earlier statement by the finance minister.

Pakistan may need to approach the International Monetary Fund (IMF) for its second bailout in five years, though the government of new Prime Minister Imran Khan is seeking alternatives.

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In the Gwadar refinery agreement, state-owned Pakistan State Oil will partner with Aramco, the Saudi state oil giant, Petroleum Minister Khan said.

Details of the refinery’s costs and capacity are to be finalised after a Memorandum of Understanding approved by Pakistan’s cabinet on Thursday is finalised, he added.

Gwadar, in the southwestern province of Baluchistan, is the crown jewel of China’s $60 billion investment in Belt and Road Initiative (BRI) projects in Pakistan.

Last month, Pakistan invited Saudi Arabia to invest in projects related to BRI’s China Pakistan Economic Corridor (CPEC).

 

The visiting Saudi delegation, led by energy adviser Ahmad Hamed Al-Ghamdi, visited Gwadar on Tuesday. “They showed an interest to immediately invest in the refinery,” said Khan, the petroleum minister.

“We sat down and held initial discussions with them and it was principally decided by both sides that it will be a government-to-government agreement.”

Any refinery deal needs support from the Baluchistan provincial government, and there has been concern that neighboring Iran might object to a project involving arch-rival Saudi Arabia on its doorstep.

However, on Thursday, Iranian Ambassador Mehdi Honer Doost raised no objections. “Iran will welcome Saudi and other Muslim countries investment in Baluchistan,” Doost told reporters.

Pakistan wants a new refinery to reduce its $16 billion bill for foreign petroleum by importing more cheaper crude oil to refine itself.

 

Rising oil prices have sent Pakistan’s current account deficit soaring. Foreign reserves have dropped to $9 billion, barely enough to cover external debt payments through the end of the year.

Still, the petroleum minister on Thursday denied Pakistan had sought any emergency aid from oil-rich Saudi Arabia. “There was an impression (that) we went there to ask for aid or seek alms but we only talked about investments,” Khan told reporters.

He spoke two days after Finance Minister Asad Umar told local Samaa TV that deferred oil payments had been discussed with the Saudi delegation but no decision had been made.

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Iraq to build oil refinery in Basra with Japanese support

ERBIL (Kurdistan 24) – Iraq will start building a new oil refinery in the southern city of Basra by the end of 2018 with Japanese financial support, said an official from an Iraqi state-run oil firm on Saturday.

South Refineries Company is set to call for bids by December to build the plant as it hopes to start construction by early 2019, Director General Hossam Hussein Wali told the Japanese Kyodo news agency. Wali stated that Japan, which has already provided around 42 billion yen ($369 million) for the project, will increase official development aid to bring the total to over 300 billion yen ($2.6 billion).

In Sep. 2017, the Iraqi official visited Japan to meet with officials from the countries’ companies that aimed to participate in the bidding.

The two countries agreed on building the project in 2012, but construction was postponed following the emergence of the Islamic State (IS), which took control large swaths of territory in the country in 2014. Since then, many refineries were severely damaged or destroyed by the jihadist group, forcing Iraq, the second-largest oil producer in OPEC, to import gasoline and other petroleum products.

On Sept. 25, Japan's newly-appointed ambassador to Iraq, Naofumi Hashimoto, pledged in a meeting with Kurdistan Democratic Party (KDP) leader Masoud Barzani in Erbil that his nation would help to modernize dams, sewage systems, electricity infrastructure, and agriculture in the Kurdistan Region.

In late March, the United Nations Mine Action Service (UNMAS) announced Japan's donation of $4.5 million to support Iraq emergency response related to humanitarian and stabilization efforts in areas liberated from the IS still littered with explosives.

In a statement, Ambassador Hashimoto's predecessor said that the assistance would come "as part of the new package of humanitarian and stabilization efforts to Iraq amounting to approximately USD 100 million. Japan is determined to serve displaced and returning people, refugees and host communities in Iraq, while supporting Iraq’s efforts for its development."

Editing by John J. Catherine

 

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Iran becomes self-sufficient in gasoline production

Iran’s President Hassan Rouhani has inaugurated third phase of the gas condensate plant, known as the Persian Gulf Star Refinery in the southern city of Bandar Abbas.

The gas condensate plant supplies various petroleum products including gas oil, gasoline, hydrogen, sulfur and jet fuel. The project is among many other projects inaugurated on the 40th anniversary of the victory of the Islamic Revolution.

With the inauguration of the phase of the plant, the Persian Gulf Star Refinery is now capable of producing 45ml/d of Euro-4 gasoline, 12.5ml/d of gas oil, 3ml/d of condensate gas and 2ml/d of jet fuel, according to dolat.ir.

On the other hand, the plant can create 600 permanent jobs and its feed-stock capacity stands at 120,000 b/d. Environmental protection is also among other aspects of the project.  

President Rouhani also inaugurated a separate project designed to promote the quality of Bandar Abbas Refinery’s gasoline and oil gas.