Central Bank allocates SOCAR a loan of 1.8 billion manats

The loan will be spent for the modernization of the production process and execution of drilling programs

Baku. 14 September. REPORT.AZ/ Azerbaijani government made a decision on the allocation of credit by the Central Bank of Azerbaijan Republic (CBAR) for the State Oil Company of Azerbaijan Republic (SOCAR) and works in this direction continue. Report informs, President of SOCAR, Rovnag Abdullayev said to reporters.

Mr.Abdullayev said that, 1.2 billion AZN will be used to upgrade the software of "Azerikimya" Production Unit and Oil Refinery named after Heydar Aliyev, 600 million manats to be spent for drilling program of the company for 3 years.

Regarding to movement of plant "Azneftyag", SOCAR President said that, the works are carried out at an accelerated pace. According to him, by the end of the year should be completed the modernization works on the Refinery named after Heydar Aliyev and the construction of a new bitumen facilities at the plant "Azneftyag": "By the completion of modernization of the plant by the end of 2018, we will start the production of new high-quality gasoline and diesel fuel Euro-5 standard. Thus, until 2030 the domestic demand for gasoline and diesel will be met at the expense of the enterprise, and the factory "Azneftyag" will be demolished, and its territory will be attached to the Baku Boulevard".

R.Abdullayev also said that, before the construction of new bitumen facilities, exploitation of the old buildings will not be stopped, so the deficit of bitumen in the country will not arise. According to him, construction of the new facilities will be completed in 2017.

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