SOCAR plans to use the investor-partner for joint construction of the new oil and gas refining and petrochemical complex (OGPC) in Baku’s Garadag region, Tofig Gakhramanov, SOCAR’s Vice President for Strategic Development, said at the Caspian Oil & Gas 2015 conference yesterday.
“Several companies have submitted their proposals on participation in the project as an investor-partner. For this purpose SOCAR has started talks with the potential partners,” he said.
Gakhramanov said that if the talks are successful, then implementation of the next stages of this project will be implemented jointly with the selected investor-partner.
Construction of OGPC will be done in two stages, at the first stage it is planned to build the gas refining plant and the petrochemical plant and the second stage – the oil refinery.
The construction of the first stage will cover the period between 2015 and 2021. The cost of the first stage of the OGPC construction is estimated at $7 billion. Cost of this stage with repayment of credit interest rates will total $8.45 billion.
Judging by all, SOCAR did not have finance to fully fund this expensive project and the government did not take a risk to allocate huge sum of money to support this project. Therefore, it was decided to use foreign partner in this project.—0—
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review