State Oil Company of Azerbaijan Republic (SOCAR) owns majority of STAR Rafineri.
The $150m financing will be used for the development of SOCAR Turkey Aegean Refinery (STAR) project, which is planned for completion in 2018.
Expected to process approximately 10 million tons of crude oil per year, the $5.6bn STAR project would significantly reduce Turkey’s dependence on foreign energy imports.
Located 5km from Aliaga, Izmir Province, the project includes the construction and operation of three marine shipping terminals as well as a new stand-alone wastewater treatment plant for managing refinery by-product.
EDC structured and project finance vice-president Sven List said: "The successful closing of this deal demonstrates EDC’s expertise in structuring complex project financings, and also sets the stage for future trade facilitation in Turkey."
EDC Istanbul chief representative Zenon Woychyshyn said: "EDC’s participation in this financing has allowed us to establish a constructive relationship with SOCAR and will undoubtedly yield substantial Canadian procurement opportunities in the future."
