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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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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