The Ministry of Taxes of Azerbaijan registered the oil and gas refinery and petrochemical complex (OGPC) of the State Oil Company (SOCAR).
According to the ministry, the registration was May 30. Earlier SOCAR vice president for strategic development Tofig Qahramanov told reporters that the company plans to begin construction of OGPC in the Garadagh district of the capital in 2015, with its putting into operation in 2023-2025, respectively. The complex will include a gas processing, oil refining and petrochemical plants.
Estimated cost of the OGPC construction is estimated at $ 14.4 billion, local practice corrects assessment in favor of overpricing 1.5 to two times. -17D-
Economics
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President Ilham Aliyev of Azerbaijan has issued an order to expand the territory of the Sumgayit Chemical Industrial Park, as part of broader efforts to enhance the country's industrial capacity. The decision, guided by Article 109, paragraph 32 of the Constitution of Azerbaijan, aligns with the April 2023 presidential order focused on implementing a pilot project for drinking water production through sea water desalination.
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President Ilham Aliyev of Azerbaijan has issued a decree introducing changes to the "Regulation on the State Water Resources Agency of Azerbaijan," initially approved by a presidential decree on November 17, 2023. The amendments, guided by Article 109, paragraph 32 of the Constitution of Azerbaijan, involve the removal of specific phrases from various subparagraphs of the regulation.
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The World Bank’s Board of Executive Directors has approved an additional $150 million to expand Azerbaijan’s Employment Support Project (AESP), aimed at aiding vulnerable populations through enhanced self-employment opportunities, the Bank announced.
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In anticipation of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), a roundtable titled “Green Construction in Azerbaijan” took place in Baku on July 30. The event brought together foreign construction companies, local industry leaders, and government officials to discuss sustainable zero-carbon building practices.
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