Azerbaijan, Baku, Oct. 18 /Trend, E.Ismayilov/
A total of $44 billion has been invested in the oil and gas sector of Azerbaijan within PSAs since 1994, President of SOCAR (State Oil Company of Azerbaijan) Rovnag Abdullayev said during the event dedicated to the 20th anniversary of Azerbaijan's independence.
He said during this period, SOCAR has signed 32 PSAs.
"During the years of independence, Azerbaijan has made great successes in the development of oil and gas sector. Currently, the company is actively working to increase the gas reserves in the country. In particular, last year, at its own expense, SOCAR discovered Umid gas field in Azerbaijani sector of the Caspian Sea," said Abdullaev.
In addition, this year, a new Absheron gas field was discovered together with French partners.
"The company has plans for joint development of perspective structure "Nakhchivan" with foreign partners.
Abdullayev said in the years of independence, great successes have also been made in the field of oil and gas refinery.
"In particular, the company is now continuing active work on development of this direction. The foundation laying ceremony of a new refinery in Turkey, which will provide raw material for Petkim petrochemical complex, where SOCAR has equity participation, will be conducted in near future. Also in 2012, the company plans to start building a new plant for urea fertilizers in Sumgayit," said Abdullayev.
He mentioned the importance of realizing a new project in the field of gas processing - to build a facility for oil and gas processing and manufacture of petrochemical products.
"Currently, the company is actively working on building the complex in cooperation with leading companies worldwide specializing in this field," said Abdullaev.