New oil refinery in Baku’s Garadag region will be put into operation between 2023 and 2025, David Mammadov, SOCAR Vice President for Refining, who attended session of the Caspian European Integration Business Club (CEIBC), told journalists.
He said old oil refineries will be dismantled in Baku only after launching of the full complex.
At present State Oil Company of Azerbaijan (SOCAR) has two oil refineries – Azernefyag (to produce oils) and Heydar Aliyev oil refinery (to produce fuel).
* The decision to build a new petrochemical and oil refining complex was made by the government in May 2008. Several projects have been implemented since that time. The last project worth about $17 billion was worked out in 2012, which included the chemical complex, gas refinery, heat and power plant and oil refinery. The oil refinery will be built in the end. The state commission on the project under the Cabinet of Ministers was created in April 2013. Until the end of the year it must approve a final option of the project so that SOCAR would start the works since 2014. According to the initial schedule, the chemical complex must be put into operation in 2017 and the oil refinery – at the end of 2020.—0--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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