Ex-Im Bank OKs $641M Loan For Turkey Oil Refinery Project

Law360, New York (December 6, 2013, 1:47 PM EST) -- The U.S. Export-Import Bank said Thursday that it's greenlighted a $640.7 million direct loan to the Turkish arm of the State Oil Co. of Azerbaijan Republic to finance the export of American-made oil refinery equipment that will be used to build a refinery on Turkey's western coast.

The loan is for Star Rafineri AS, which is constructing an natural gas-fired oil refinery that the company claims will be capable of processing up to 10 million tons of crude oil per year. The refinery, which is scheduled...
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