Standards will be developed for the new oil, gas and petrochemical complex of SOCAR
The Institute of Standardization and Certification signed with the State Oil Company of Azerbaijan agreement providing for the development of approximately 1,000 new national standards for the construction and maintenance of the new oil, gas and petrochemical complex .
In developing standards for the foundation will be taken international and regional standards for construction, as well as oil, gas and chemicals.
The first phase of the project is designed en 2 years. In general, the development of all required standards will take 8 years.
Recall that a decree on the establishment of this industrial giant was published in September 2009 , prepared by SOCAR package of proposals was agreed by the government. The complex is planned to be constructed in the area between Garadagh and Absheron district . It will include a gas processing plant (capacity of 10 billion cubic meters a year), a refinery (10 million tons per year) and a petrochemical plant (1.8 million tons of finished products per year) , as well as power generation and supporting infrastructure . Part of petrochemical products will be exported . It is planned to finance 30% of the investment needs through equity , and 70% - through debt loan. Moreover, 90 % of the share capital will fund the State Oil Fund of Azerbaijan. In 2013, SOFAR spent on these needs $ 270 million or 213 million manat. However, in the nine-month report on the activities of the fund no information on expenditures for this project were available.
According to SOFAR , the complex will be commissioned in 2018-2020, respectively. 08B
Economics
-
Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
-
Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
-
Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
-
Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
Leave a review