Investment decision on SOCAR-GPC project will be made in 2018

Baku. 29 November. REPORT.AZ/ The financial and final investment decision of the gas processing and petrochemical complex - SOCAR GPC project, planned to be built by the State Oil Company of Azerbaijan Republic (SOCAR) in Garadagh district, will be adopted in May-June 2018.

Report informs, Deputy Director General of SOCAR-GPC LLC Fuad Ahmadov said at the conference "Caspian and Central Asia Oil Refining and Petrochemicals" in Baku.

"A market research was carried out on the financing. The Dutch ING Bank, the China Development Bank (CDB) and the Russian Gazprombank act as financial advisors. CDB bank is expected to be main creditor of the project", he said.

Ahmadov said that the annual profit of SOCAR-GPC project is calculated nearly at $ 0.8-1.2 bln.

According to him, total investment expenditures on the project are estimated at $ 4.2 bln: "Annual capacity of gas processing plant is estimated at 10 billion cubic meters. The complex also plans to produce 600,000 tons of polyethylene and 130,000 tons of propylene. The project is currently at the FEED (Front End Engineering Design) stage”.

Ahmadov noted that the project will be commissioned in 2022.