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Ex-Im Bank Approves $641 Million to Finance the Export of U.S.Refinery Equipment to Turkey



Thursday, December 5, 2013

(Ex-Im Bank)  Transaction Supports 3,000 Jobs

Washington, D.C. In a boost for U.S. jobs, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $640.7 million direct loan to Star Refineri A.S. (Star) of Istanbul, Turkey, that will finance the export of American-made oil refinery equipment and support approximately 3,000 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

"This important transaction will support the export of cutting-edge American equipment," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Moreover, the transaction will help a vital industry in Turkey and support 3,000 U.S. jobs across America. The growth we see in the energy sector around the globe bolsters jobs here at home."

The American-made equipment will factor in Star's construction of an oil refinery in Aliaga, Turkey, approximately 30 miles north of Izmir on the Agean coast. Upon completion in 2017, the refinery will process crude oil in addition to various other petrochemicals, including naphtha, LPG, and xylenes.