In the near future Austrian Poerner GmbH company will start design of a new bitumen plant at the Baku-based oil refinery named after Heydar Aliyev, reads SOCAR’s information posted on its web site.
The same source said that the negotiations have been already conducted.
“After the talks we have held a meeting with participation of representatives of SOCAR, oil refinery and Fluor and Poerner companies. In the near future German company will start design of the plant construction,” said the same source.
Construction of the bitumen plant with the capacity of 400,000 a year is a part of the project of the Heydar Aliyev oil refinery upgrade.
“After the upgrade all types of fuel produced at the oil refinery will be up to Euro-5 standard and Azerkhimiya plant will be supplied with high quality raw material (ethane-ethylene fraction, propane-propylene and butane-butylene,” said the same source.
Upgrade of the Heydar Aliyev oil refinery will be completed by the end of 2018. Capacity of the oil refinery after the upgrade will be increased from 6 to 7.5 million tons of oil a year. The cost of upgrade is estimated at $1 billion.-0—
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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