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.
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.