In June 6, SOCAR signed a contract with a syndicate of 23 commercial and investment banks, including export-import banks of the USA, Japan, South Korea, Spain and Italy, and development banks for allocation of $3.29 billion for the construction of the STAR Refinery.

The signing ceremony, held in Istanbul, was attended by Turkish Energy Minister Taner Yildiz, Minister of Science, Industry and Technology of Turkey Fikri Ishik, Energy Minister of Azerbaijan Natig Aliyev, Minister of Economy and Industry of Azerbaijan Shahin Mustafayev, SOCAR President Rovnag Abdullayev, Vice President of economic issues of SOCAR Suleyman Gasimov, chief of SOCAR's Investments Department and chairman of Petkim Board Vagif Aliyev, head of the State Oil Fund of Azerbaijan Shahmar Movsumov, and head of the SOCAR Turkey Kenan Yavuz. It was noted that it was the most long-term and open-ended loan in the history of Turkey.

Speaking at the ceremony, SOCAR President Abdullayev said “We take pride in SOCAR’s investments in Turkey. We take a giant step forward in “One nation, two states” idea in the projects since the privatization of “Petkim”. We are highly pleased of being major investor in Turkey in the investments within Turkey’s first chemical industry park “Value-Site” project, TANAP project. Here we are realizing the perfect sample of our faith in the future of Turkey and brotherhood”. Mr. Abdullayev noted that “SOCAR Turkey” was going to rise to the level of Turkey's largest industrial company. According to the head of “SOCAR Turkey” Kenan Yavuz, STAR Refinery, founded on October 25, 2011, by the President of the Republic of Azerbaijan Ilham Aliyev and Turkish Prime Minister Recep Tayyip Erdogan, is the most important project of the Turkish-Azerbaijani brotherhood and strategic partnership. This is the first processing plant built by the private sector in the history of Turkey. According to Kenan Yavuz, the project will improve the competitiveness of the industry, expand opportunities of exportation and creating job.

About Socar

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, two oil refineries and one gas processing plant, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions are operating as corporate entities under SOCAR.

See the site of Star refinery project