In 2017 SOCAR plans to start construction as a part of the project of the Baku-based Heydar Aliyev oil refinery upgrade, said Emil Alkhasly, Deputy General Director of SOCAR OGPC.
“The licensors will be selected within one month. FEED of the project will be completed till the end of 2016 and next year we plan to start physical construction,” Alkhasly said.
He also said that construction of the complex to produce Euro-5 diesel fuel will be completed till June 2019. The complex will include installation of catalytic cracking, atmosphere-vacuum installation, installation for production of unsaturated liquefied gas Merov and several other installations.
“The works to create the complex for Euro-5 standard petrol production at the Heydar Aliyev oil refinery are planned to be completed in May 2020. New bitumen installation is planned to be launched on the plant in June 2018,” he added.
“The upgraded plant will first of all meet needs of the control in petrol in the coming 15-20 years,” he added.
After upgrade the oil refinery will manufacture 2.2 million tons of petrol a year, 3 million tons of diesel fuel a year and 1 million tons of kerosene a year. After the upgrade the oil refinery will manufacture 37% of diesel fuel, 25% of petrol, 13% of kerosene and 25% of other types of oil products.
* The Baku oil refinery upgrade will cost SOCAR $1.25-1.3 billion.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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