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16.12.2013 10:04

Azerbaijan to allocate more $475 mln for construction of its oil refinery plant in Turkey

Baku. Aqshin Rafigoglu APA-Economics. State Oil Company of Azerbaijan will transfer $475 mln to SOCAR-Turkey.

APA-Economics reports quoting Cihan information agency, these funds will be spent to continuation of construction of Star oil refinery plant.

Head of SOCAR-Turkey Kanan Yavuz said that approximately $350 mln has been spent to construction of Star oil refinery plant so far: $475 mln required for additional costs during the next months will be transferred from Azerbaijan.

Yavuz noted that the transfer will be the largest foreign investment entering Turkey in a complete form: Total worth of the construction of the oil refinery plant is $ 5.5 bln. Of this, $1.9 bln will be financed by SOCAR, others by loans.

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