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—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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