SOCAR prepares to modernize the refinery

Baku. 8 May. REPORT.AZ/ In the near future Azerbaijani government will increase the authorized capital of the State Oil Company of Azerbaijan Republic (SOCAR). Report informs, the President of SOCAR Rovnag Abdullayev said today.

"The government will increase our share capital, whereby we will be able to modernize the refinery named after Heydar Aliyev", said the head of the company.

According to R.Abdullayev, the total project costs 1.2 billion AZN:"According to our previous estimates, the amount is in range of 1.2 billion manats. We will be able to implement the project through a loan, which is derived from the Central Bank. In this regard, the tender to be provided."