A group of international investors led by SOCAR, the state oil company of Azerbaijan has reached an agreement with OMV Aktiengesellschaft to acquire the Aliaga Storage Facilities owned by OMV Petrol Ofisi AS, according to SOCAR's statement on Monday.
SOCAR announced that Aliaga Storage Facilities will be used for storage and will also serve as shipping points for the STAR Refinery.
The STAR refinery which broke ground in 2012 and will become fully operational by 2018.
The statements also emphasized that the acquisition will increase SOCAR’s storage capabilities in the region and improve cooperation with distribution companies using the same facility.
'We at SOCAR base all of our projects on the efficiency principle. The tank terminals were foreseen as part of the project at the time we broke ground for STAR Refinery in 2012, and this acquisition is the realization of that plan. We are carrying out our works based on the goal of STAR Refinery becoming effectively operational by 2018,' SOCAR Turkey CEO Zaur Gahramanov said in the statement.
'SOCAR are proud to be the foreign company to realize the largest direct investment in Turkey in the history of the Republic with our investments, which will amount to $18 billion by the time the projects are completed. And this acquisition, as part of the STAR Refinery project, is another proof of the confidence we have in Turkey,' he emphasized.
Zaur Gahramanov also reminded that the Aliaga Terminal of OMV Petrol Ofisi AS has a storage capacity of approximately 200 thousand cubic meters with the possibility of increasing the capacity up to 700,000 cubic meters.
The terminal also houses Liquefied petroleum gas (LPG) storage facilities with 45 thousand cubic meters of capacity, which too can be increased.
Noting that the STAR Refinery project is progressing at full speed and expected to become fully operational by 2018, Gahramanov said that the acquisition process is carried out in partnership with international investors.
'As part of the long-term storage deal and for the duration of the agreement, OMV Petrol Ofisi A.S. will continue to use the oil and LPG tanks in Aliaga. The deal will also provide OMV Petrol Ofisi A.S. with the rights to use the terminal for imports and shipping. Closing of the transaction is subject to certain conditions including the approval by competition authorities and is expected by year-end 2016,' the statement read.
By Gulsen Cagatay
Anadolu Agency
gulsen.cagatay@aa.com.tr