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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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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