US Ex-Im Bank grants $641m loan for Turkey’s Star refinery project

05 December 2013 16:35  [Source: ICIS news]

HOUSTON (ICIS)--The US Export-Import Bank (Ex-Im) has authorised a $641m (€474m) direct loan to Turkey’s Star Refinery to help finance that company’s planned oil refinery at Aliaga, north of Izmir on the Agean coast, the bank said on Thursday.

Star will use the money to order US-made equipment for the refinery, thus supporting about 3,000 US jobs, the bank said, citing estimates by US government departments.

Ex-Im added that the refinery would be completed in 2017, producing refined oil products and petrochemicals.

Earlier this week, Azerbaijan's state oil fund said that it was investing $475m to support the project. Azerbaijan’s state oil company SOCAR is the controlling shareholder in Star.

Additional reporting by Will Conroy

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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