Tuesday , September 22 2020
Breaking News
Home / Highlights of Turkish energy market in 2018
Highlights of Turkish energy market in 2018

Highlights of Turkish energy market in 2018

The developments in the Trans Anatolian Natural Gas Pipeline (TANAP) project, TurkStream Natural Gas Pipeline project, the opening of new Turkey’s biggest oil refinery, STAR, marked the top news stories in Turkey’s energy sector in 2018.

The 1,850-kilometer-long TANAP is the largest section of the 3,500 kilometer-long Southern Gas Corridor that was officially inaugurated during a ceremony held in Baku on May 29 with the participation of Azerbaijan President Ilham Aliyev.

TANAP, with around $8 billion of investment, will deliver 6 billion cubic meters from the giant Shah Deniz II field in Azerbaijan to Turkey and 10 billion to Europe per year. The European part of the project is expected to become operational in 2020, upon the completion of the Trans Adriatic Pipeline (TAP), which will connect with TANAP at the Turkish-Greek border.

Turkish President Recep Tayyip Erdogan inaugurated the TANAP project on June 12 in the northwestern city of Eskisehir, where the project’s compressor station is located.

Currently, the Southern Gas Corridor Company holds a 51 percent share in the pipeline, Turkey’s BOTAS has a 30 percent interest, BP holds a 12 percent share and Azerbaijani oil company SOCAR Turkey has the remaining 7 percent stake.

Turkey’s STAR refinery

On Friday, Oct. 19, Turkey’s biggest oil refinery, STAR, officially opened in the western coastal province of Izmir with the attendance of Erdogan and his Azerbaijani counterpart, Aliyev as well as other top officials from both countries.

STAR is SOCAR Turkey’s biggest investment in the country at a cost of $6.3 billion.

The refinery, which has a crude oil processing capacity of 10 million tons, started its operations back on Aug. 3 with the arrival of the refinery’s first crude oil cargo ship Absheron, loaded with 80,000 tons of feedstock.

In 2018, refining of around 2 million tons of crude oil is expected at the refinery, which will increase to 10 million tons at full capacity.

According to the official website of Turkey’s leading petrochemical company, PETKIM, the STAR Refinery will meet more than 25 percent of Turkey’s processed oil products needs upon start-up.