SOCAR to have oil refinery manufacturing Euro-5 fuel for $1 billion

Total cost of upgrade of the Baku oil refinery named after Heydar Aliyev is about $1 billion, Tofig Gakhramanov, SOCAR Vice President for Strategic Development, said at the Caspian European Club Business Forum.

“Approximate cost of the oil refinery upgrade is $1 billion. Our goal is to launch a new bitumen installation in July 2018 and the installations manufacturing Euro-5 diesel fuel in 2019 as well as install the installations to manufacture Euro-5 petrol in 2020,” Gakhramanov said.

The reconstruction and upgrade of the oil refinery includes increase in capacity of the installation for primary oil refining from 6 up to 7.5 million tons a year and the catalytic cracking installation from 2 to 2.5 million tons a year.

As a result of the project implementation annual volume of petrol production will increase from 1.3 to 2.2 million tons, diesel fuel from 2.3 million to 2.9 million tons and aviation kerosene from 700,000 tons to 1 million tons.

The oil products, which will be manufactured at the oil refinery after its upgrade, will include 37% diesel fuel, 25% of gasoline, 13% of kerosene and 25% of other types of oil products.—0—