SOCAR GPC project funding agreement will be signed in a year

Baku. 12 April. REPORT.AZ/ Funding agreement for Gas Processing and Petrochemical Complex (SOCAR GPC) that State Oil Company of Azerbaijan Republic (SOCAR) projects to construct in the territory of Garadag district is expected to be signed by end of 2017, or early 2018.

Report informs, SOCAR Polymer senior financial analyst Babek Beydullayev said at the 4th International Conference Caspian Energy Forum 2017.

He noted that several options have been examined so far: “After having these options scrutinized, it was decided to choose project funding type. This will ease SOCAR’s financial burden. Negotiations on funding are underway.”

B. Beydullayev told that preliminary estimation reveals project value around $4 bln. According to him, complex will be launched in 2022. He told that major part of SOCAR-GPC products will be exported to Turkey, Middle-East, Europe and China.

Notably, complex will include gas processing and petrochemical plants. Annual capacity of gas processing plant is estimated at 10 bln cum. Petrochemical plant will consist of steam cracking, polymerization block and other units. The plant will annually produce about 600,000 tons of polyethylene and 120,000 tons of propylene. Propylene crude substance will be delivered to SOCAR Polymer in Sumgayit for polypropylene production. The plant will also produce 570,000 tons of ethylene.