In early 2016 SOCAR plans to start upgrade of the Baku-based oil refinery named after Heydar Aliyev, said Deputy General Director of OGPC.
“The goal of the works is to establish production of high quality oil products on the plant. According to the plans, in quarter 2, 2019 it is planned to start production of diesel fuel of Euro-5 standard at the Baku oil refinery and in quarter 2, 2020 – manufacture of Euro-2 standard petrol. Production of bitumen using the new bitumen installation will begin in quarter 2, 2018,” he added.
He said after upgrade the Baku oil refinery will produce 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 upgrade 37% of oil products produced at the oil refinery will be diesel fuel, 25% petrol, 13% kerosene and 25% of other types of oil products.
“Implementation of the project will allow satisfying the country’s needs in petrol for 15-20 year to come,” he added.
* The government will allocate $1 billion to SOCAR for upgrade of the oil refinery.—0—
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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