Baku, Azerbaijan, Dec. 9
By Maksim Tsurkov – Trend:
SOCAR GPC, wholly-owned by the Azerbaijani state oil company SOCAR, is planning to reach financial close of the project on creation of an oil and gas processing and petrochemical complex (GPC) by late 2017, reads a press release on the SOCAR GPC website.
“SOCAR GPC will carry out the development, engineering, financing, construction and operation of a gas processing plant project with a capacity of approximately 10 billion cubic meters of gas per annum and a steam cracker with a capacity of approximately 570,000 tons of ethylene and 120,000 tons of propylene per annum, as well as a swing LLDPE/HDPE polymerization unit with a capacity of approximately 570,000 tons per annum and related infrastructure,” the message says.
The financing plan consists of a combination of equity, direct funding, export credit agency (ECA) covered debt and commercial bank debt, primarily from Asian and European companies and institutions, according to the message.
“The engineering procurement and construction (EPC) selection process is underway. Financial close is targeted for the end of 2017,” reads the message.
The GPC project envisages construction of gas processing and petrochemical plants 15 km away from Baku by the Azerbaijani state oil company SOCAR.
The cost of the project is around $4 billion.