October 14, 2016 [SOCAR] - A group of international investors led by SOCAR, the largest direct foreign investor in Turkey, has reached an agreement with OMV Aktiengesellschaft to acquire the Aliağa Storage Facilities owned by OMV Petrol Ofisi A.Ş.
These facilities will be used for storage and also serve as shipping points for STAR Refinery, which broke ground in 2012 and will become fully operational by 2018, while the acquisition is a stage in the previously planned logistics strategy of the refinery project.
Aliağa Terminal has a storage capacity of 200,000 cubic meters of oil and 45,000 cubic meters of LPG. The acquisition, which is expected to further enhance the effectiveness of the STAR Refinery operations currently under way at Petkim Peninsula, will increase SOCAR’s storage capabilities in the region and improve cooperation with distribution companies using the same facility.
SOCAR Turkey CEO Zaur Gahramanov said there were possibilities of increasing the capacity up to 700,000 cubic meters and LPG storage facilities too can be increased. Adding 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.Ş. will continue to use the oil and LPG tanks in Aliağa. The deal will also provide OMV Petrol Ofisi A.Ş. with the rights to use the terminal for imports and shipping. Closing of the transaction is subject to certain conditions including approval by competition authorities and is expected by year-end 2016.
