Turkey/ Insurance for Loans for STAR Refinery Project
Nippon Export and Investment Insurance
NEXI has decided to provide insurance for loans for the construction of a new oil refinery of STAR Rafineri A.S. in Turkey.
STAR Rafineri, the project company established by the State Oil Company of Azerbaijan Republic (SOCAR), is planning to construct a new refinery in Aliaga, western Turkey, with annual capacity of 10 million tons (210 kbpd) to refine and sell oil products including diesel fuel, jet fuel, and naphtha. The refinery will be constructed under an EPC contract with a consortium including ITOCHU Corporation of Japan.
Funds for the project will be raised through project financing. The Bank of Tokyo-Mitsubishi UFJ, Ltd., ING Bank N.V. Tokyo Branch, BNP Paribas Tokyo Branch, Crédit Agricole Corporate and Investment Bank Tokyo Branch, and Japan Bank for International Cooperation (JBIC) will co-finance about USD 485 million for the funds for equipment exported from Japan, of which about USD 194 million (provided by the commercial banks) will be covered by NEXI's insurance.
This financing for the project will support the Japanese exports and help to maintain and improve the international competitiveness of Japanese companies. NEXI will continue to promote exports by Japanese companies through its insurance.
| Insured (Japanese Lenders) |
The Bank of Tokyo-Mitsubishi UFJ, Ltd. ING Bank N.V., Tokyo Branch BNP Paribas, Tokyo Branch Crédit Agricole Corporate and Investment Bank, Tokyo Branch |
| Insured Amount | Approx. USD 194 million |
| Tenor | Approx. 18 years |