The International Finance Corporation (IFC) has plans to approve a loan of $150m for the construction of STAR Rafineri’s oil refinery in Izmir, Turkey.

The construction and maintenance of the 214,000 barrels per day oil refinery is estimated to cost about $5.3bn.

STAR Rafineri’s new facility will be designed to produce 1.66 million tons (mt) of naphtha along with diesel fuel with ultra-low sulphur to the amount of 5.95mt, and 500,000t of aviation kerosene.

The facility will also produce 500,000t of reformates, 630,000t of petroleum coke, 240,000t of liquefied gas, 415,000t of mixed xylol, 75,000t of olefin liquefied gas, and 145,000t of sulphur.

STAR Rafineri’s plant will not produce gasoline and fuel oil, reported

According to an IFC report, the facility will be built in four years and replace the imports of diesel and aviation fuel through Turkey, while most of the production at the plant will be sold in the country for retail trade.

Turkey’s only petrochemicals producer, Petkim Petrokimya, will get 15%-20% of the production.

STAR Rafineri is owned by SOCAR Turkey Energy with 81.5% interest and Turcas Rafineri Yatirimlari with 18.5% interest.