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    New oil refinery of Azerbaijan will be given to operation in 2030

    Oil and gas processing and petrochemical complex construction project will cost 8.45 bln USD

    Baku. 5 November. REPORT.AZ/ Oil refinery in the frame of the new oil and gas processing and petrochemical complex construction project in Azerbaijan will be commissioned in 2030. Report informs it was said by the vise president on the strategic development of the State Oil Company of Azerbaijan (SOCAR) Tofig Gahramanov, addressing in the 2nd Oil and Gas Processing and Petrochemical Complex Forum in Baku.

    According to him, changes in the construction complex schedule happened due to the presence of a number of major international projects.

    T. Gahramanov noted that, works being done in the frame of "Shahdeniz-2" project (TANAP and TAP projects), and construction of the "Star" refinery will require substantial funds. For that reason it was decided to carry out reconstruction works in the Heydar Aliyev Oil Refinery and its performance shall be extended for another 15 years.

    "The construction of the first phase of the complex will be completed in 2020," announced vice-president of SOCAR. At this stage, a new gas processing plant will be commissioned, the plant's annual production capacity will be 12 bln cubic meters. Also petrochemical plant producing polymers with capacity 860 thousand tons per year will be opened.

    The projected cost of the first phase is estimated at 7 bln dollars. Of these, 2.1 bln dollars Azerbaijan will allocate for installments over 5 years, the remaining 4.9 bln dollars will be provided from the borrowed funds.

    As a result, taking into account the payment of interest on loans, the total amount of the project is 8.45 bln dollars.

    During the construction of the complex 15-16 thousand people and at the time of operation 2 thousand professional engineers will be employed. A total of 8 thousand people will work in the complex.

    After starting operation the new complex will lead to the closure of several plants, as well as some of the associated enterprises in Baku and Sumgait, and to improve the ecological status in these regions.

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