Africa

Home page

Africa

Annual profits of STAR Oil Refinery Plant estimated around $6-9 bln

10 October 2019 14:20 (UTC +04:00)

The annual profit made by SOCAR’s oil refinery plant (ORP) “STAR Rafineri” located in Turkey will amount to $6 -9 billion depending on the price of oil, the chief director of the ORP Mesut Ilter told at press conference held in Aliağa, Izmir, APA-Economics reports.

According to him, the gross profit of the ORP is expected to be $600 - $800 million, and the net profit will amount to $500 million.

Mr. Ilter added that it will be possible to hit the aforementioned marks already in the upcoming year, considering the fact that the plant is operating at its full capacity.

Note that the STAR Rafineri oil refinery plant was put into operation last year in October. The plant has a refining capacity of 10 million tonnes of crude oil per year. The main outputs of the plant are diesel fuel (5 million tonnes), aircraft fuel (1.5 million tonnes), naphtha (1.5 million tonnes), reformates (close to 1 million tonnes), and sulphur, liquefied petroleum gas, petroleum coke, and other oil products. The refinery of 8 million tonnes of oil is intended for this year. The establishment is planning to produce 4 million tonnes of diesel, 1 million tonnes of aircraft fuel, 1 million tonnes of naphtha, and 700 million tonnes of reformate by the end of this year. Starting from 2020, “STAR” will be refining 10 million tonnes of oil in a year.