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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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