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The Export-Import Bank of the United States has authorized a $640.7 million direct loan to Star Refinery AS, Istanbul, to finance the export of US equipment for a refinery planned in Aliaga, Turkey.

When complete, the refinery is estimated to produce 214,000-b/d.

Star Refinery is the first project planned on the Petkim Peninsula by SOCAR Turkey Energy AS, a joint venture of State Oil Co. of Azerbaijan Republic and the government of Turkey.

SOCAR Turkey owns 51 percent of Petkim, operator of a petrochemical complex with which the new refinery will be integrated.