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Azerbaijan,Turkey : FUNDING banks announced for SOCAR STAR refinery.

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

The list includes the following banks: Banco Santander, Banco Popular Espanol, BBVA, The Bank of Tokyo Mitsubishi, BNP Paribas, CESCE, Credit Agricole Corporate Investment Bank, CaixaBank, Export

Development Canada Bank, Deutsche Bank, ING Bank, Garanti Bankas?, JBIC, The Korea Development Bank, KFW IPEX, KSURE, Intesa Sanpaolo, NEXI, Natixis, SACE, Societe Generale, Unicredit and USEXIM.

The project includes an assignment of around $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 provide feedstock to petrochemicals maker Petkin to help Turkey decrease reliance on imported refined oil products.

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

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Publication:Mena Report
Date:Jun 14, 2014
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