SOCAR to spend $1.2 bn for reconstruction and modernization in several enterprises

Jun 04, 2015 12:00 AM

State Oil Company of Azerbaijan (SOCAR) is carrying out reconstruction and modernization works in Oil Refinery named after Heydar Aliyev and Azerkimya PU and will spend $1.2 bn for these works, SOCAR Vice-President for Strategic Development Tofig Gahramanov said at the Caspian Oil & Gas 2015 conference.

According to him, several companies following these projects announced that they want to participate in these projects as investor-partner: “There are many interests in these projects today. Recently, we have received concrete proposals from several companies on participation as investor-partner. Taking into these proposals, we are negotiating with potential partners. If these negotiations end successfully, the next stages of the projects will be implemented with the investor-partner company”.

Gahramanov said that the expenses of the projects will be paid by the government: “Economic profitability of reconstruction and modernization works in the Oil Refinery named after Heydar Aliyev is high. After these works, it’s expected to get $700 mln per year”.

He noted that the planned works in the Refinery will allow to increase the quality of the gasoline produced in the country, increase volume of gasoline from 1.3 mln tonnes to 2.2 mln tonnes, diesel from 2.3 mln tonnes to 2.9 mln tonnes and kerosene from 700,000 tonnes to 1 mln tonnes.

According to SOCAR official, these indicators will meet the demand for fuel at least until end of 2020s: “75% of gasoline to be produced after these works will be directed to domestic need, 25% to export, 60% of diesel to domestic need, 40% to export”.

Azerkimya PU will increase ethylene and propylene production from 160,000 tonnes to 290,000 tonnes: “These projects will be implemented stage-by-stage. The works on the first stage are planned to be completed in 2018, on the second stage – in 2019”.

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