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Turkey's Petkim officially announced that it has signed an EPC (engineering, procurement and construction) contract with a consortium of Tecnicas Reunidas (Spain), Saipem (Italy), GS E&C (South Korea) and Itochu (Japan). The parties have 49 months to build the STAR refinery for a cost of USD 4.35bn, excluding financing.
This was the last important milestone before the start of the real construction of the new refinery north of Izmir in Turkey. The consortium consists of well-known contractors globally. Petkim expects the refinery to be finished by end-2016.
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