Petrochemical company "Petkim Petrokimya Holding A.Åž." made a decision on a credit in the amount of 500 million US dollars, reads a statement issued by the holding, APA-Economics reports.
It is noted that the borrowed loan will be used to purchase shares in the STAR refinery.
Founded by the Turkish government in 1965, Petkim Petrokimya Holding A.Åž. is the only producer of petrochemical products in the country.
In 2008, Privatization tender of 51% of the public shares of PETKÄ°M through block sale method, handed over to SOCAR&Turcas Petrochemical
The foundation of the STAR refinery was laid in Izmir region on October 25, 2011 by the President of Azerbaijan Ilham Aliyev and the President of Turkey Recep Tayyip Erdogan. The processing capacity of the plant will be 10 million tons of crude oil per year. The plant is planned to be commissioned in 2018. The total cost of the project is 5.6 billion dollars.