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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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