Baku to host forum on construction OGPC

Baku. 3 November. REPORT.AZ/ From 5 to 6 November Baku to host a forum dedicated to the project of construction of oil and gas processing and petrochemical complex. The Forum will be a unique platform and opportunity for local and foreign companies with experience in the field of oil and gas refining and petrochemicals.

Report informs referring to the State Oil Company of Azerbaijan (SOCAR), the forum consists of 8 sessions in which will be discussed issues related to the use of equipment and services in oil and gas spheres, financial, economic and legal issues on projects in the field of oil and gas processing and petrochemicals, trends in logistics, the experience of local contractors in the implementation of large-scale projects.

About 50 papers will be read in the general framework of the forum. President of SOCAR Rovnag Abdullayev, vice president of SOCAR for strategic development Tofiq Qahramanov, adviser to the SOCAR's president Afgan Isayev, deputy general director of OGPC Emil Alhasly, president and CEO of SOCAR Turkey Energy Kenan Yavuz, executive director of the Star refinery construction project in Turkey Robert Storey and others will take part in the forum.

Construction of the new complex is scheduled to start in 2015 and commissioning is expected in the 2023-2025 years. 15-16 thousand people will be provided with job at the peak of construction work.

The complex will be located 60 km from Baku - at the border Garadagh and Absheron districts, near Sangachal - and will occupy about 1500 hectares. It will consist of a gas processing, oil refining and petrochemical plants.

First the complex on gas processing with capacity of 10 bln cubic meters per year will be put in operation, at the second stage a petrochemical complex will be commissioned, and then - a refinery with capacity of 10 mln tons per year.

The project cost is estimated at 14-15 bln US dollars. Investment in the project will pay off for approximately 7 years, the profitability of the project is 13%. Countries such as Azerbaijan, Georgia, Turkey, Iran and countries of Eastern Europe are considered as a market.