Cost of major contracts for reconstruction and modernization project of SOCAR’s Oil Refinery Plant unveiled

Baku. 4 June. REPORT.AZ/ The cost of the main contracts signed within the framework of reconstruction and modernization project of Heydar Aliyev Baku Oil Refinery plant is about $ 1.6-1.7 billion.

Report informs, Shamil Hakimov, Deputy General Director OGPC Project - State Oil Company of the Republic of Azerbaijan (SOCAR), said on the official website of the company.

"The modernization and reconstruction project of the plant is funded by state funds (the State Oil Fund of Azerbaijan) and the cost of the three main contracts signed for the project is about $ 1.6-1.7 billion", he said.

According to him, all technological processes planned for mid-2021 should be applied, production areas should be developed and the required products to be produced.