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The Republic of Azerbaijan State Oil Fund (Sofaz) has disclosed the allocation of over 3% of its budget expenditures in 2013 to financing the construction of the Star Refinery in Aliaga, Turkey.

Sofaz committed $473 million to the 214,000 bpd refinery.

The US Export-Import Bank also recently authorized a $640 million loan to the Star Refinery. The loan will finance the export of US equipment for the complex.

Planned on the Petkim Peninsula, the Star Refinery is the first project by SOCAR Turkey Energy AS in the region.

The refinery is a joint venture with State Oil Company of Azerbaijan Republic and the government of Turkey.

SOCAR Turkey owns 51% of Petkim, and will operate the petrochemical complex with which the new refinery will be integrated.