SOCAR and German UNIPER (former E.o.N) will create SOCAR-UNIPER joint venture (JV).
On May 25, 2016 the sides signed the documents to create JV at the 3rd session of the Coordination Committee of SOCAR and UNIPER.
SOCAR will have 51% share in JV, while UNIPER – 49%.
The new JV will generate power and steam.
The sides have also signed the agreement on initial design of a new steam turbine generator on the Ethylene-polyethylene plant.
“Construction of the installation will increase energy efficiency of the steam generator complex on the Ethylene – Polyethylene plant and will help generate additional power,” said SOCAR’s specialists.
SOCAR President Rovnag Abdullayev told journalists that construction of a new steam turbine generator will cost 26 million Euro. “Of this amount 2 million Euro will be SOCAR’s equipment and 4 million Euro will be invested by UNIPER as an initial capital of JV SOCAR-UNIPER. The remaining 20 million EURO will be allotted by one of the Bavarian banks for the period of 15 years with the annual interest rate of 1%,” he added.
He said construction of the installation will take two years and steam generation will start in 2018.
“After construction of the new installation, efficiency of the steam generator will be 80%. Launching of the installation will allow reducing cost price of steam generation to 0.19 AZN per 1 cub.m., which is much lower, than in the republic,” said SOCAR President.—0—
Economics
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