Azerbaijan has increased the authorized capital of SOCAR Turkey Yatirim JSC, created to support the country’s participation in the construction of the Star refinery in Turkey, reads a report on the activities of Cabinet of Ministers for 2016.
The authorized capital of SOCAR Turkey Yatirim JSC was increased by nearly 27 percent, from $1.9 billion to $2.412 billion.
In addition, the cost of Azerbaijan’s 40 percent share in SOCAR Turkey Yatirim JSC was increased to $964.8 million.
State Oil Fund of Azerbaijan (SOFAZ) allocated $960.2 million as of Jan. 1, 2017 to finance the Star oil refinery’s construction in Turkey.
The Star refinery belongs to Azerbaijan’s state oil company SOCAR.
SOFAZ allocated $200.2 million for the project in 2016.
The total cost of the refinery’s construction exceeds $5 billion.