NEW OIL REFINERY EXPECTED TO EASE TURKEY’S DEPENDENCE ON FOREIGN IMPORTS

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An oil refinery, built by Azerbaijan, on Turkey's Aegean coast, went into operation on Friday, amid hope of helping Ankara cut dependence on foreign refined oil products.

Turkish President, Recep Tayyip Erdogan, and his Azerbaijani counterpart, Ilham Aliyev, attended the ceremony, to inaugurate the Star Refinery, the first new oil refinery ever built in Turkey, in the past 30 years.

Addressing the opening ceremony, Erdogan said, the Star Refinery is expected to cut Turkey's dependence on imported refined oil products significantly.

"It aims to save around 1.5 billion U.S. dollars every year, in imports of petroleum products," he added.

The refinery, in the Aliaga district of Izmir province, was built by SOCAR Turkey, a subsidiary of Azerbaijan's state oil company SOCAR, at a cost of 6.3 billion dollars.

The refinery, with an annual production capacity of 10 million tonnes of crude oil, will also produce naphtha and jet fuel, according to a press release.

In a statement, the Turkish Presidency called it, "one of the largest petroleum operations, carried out in recent years in Europe, the Middle East and North Africa."

Source: NAM NEWS NETWORK