Financing banks and ECAs announced for SOCAR STAR refinery in Turkey

(Cistran Finance, Chicago, 11 June 2014) A list of 23 banks and ECAs that will be financing the construction of SOCAR’s STAR oil refinery in the Aliaga port in Turkey was announced in an official ceremony last week. The list includes the following ECAs: Export Development Canada, JBIC, NEXI, and SACE. Two coal fired power plants are planned in conjunction with the refinery. The Bankwatch Network notes that the SOCAR Refinery project and its ‘secret’ coal power plant suggests a polluted future for Turkey and the magnitude of the problems that the mixture of business interests, coal and neglect of local health concerns may cause.