SOCAR to meet growing demand of Azerbaijan in gasoline
Baku, Azerbaijan, Feb.6
By Emil Ismayilov - Trend:
Despite the annual increase in gasoline consumption, the available processing capacities of SOCAR (State Oil Company of Azerbaijan) will enable it to fully meet the needs of Azerbaijan in AI-92 gasoline until the completion of work on the reconstruction and modernization of the Baku Oil Refinery named after Heydar Aliyev, a source in the State Oil Company told Trend Feb.6.
Earlier, SOCAR completely stopped production of AI-95 gasoline in order to satisfy the growing needs of the republic for AI-92 gasoline. The company switched to production of AI-92 gasoline, which accounts for most of the gasoline consumed in the country. Needs of the country in 95 octane gasoline are provided by import.
"The needs of the republic AI-92 gasoline are fully satisfied, and will continue to be satisfied until the total completion of the modernization of the refinery," said the source. "This is due to the fact that refining capacities are also expanding in parallel with the growth of consumption, which is the result of work on modernization."
The source said that AI-92 gasoline accounts for about 80-90 percent of the total volume of gasoline consumed in Azerbaijan.
Work on the reconstruction and modernization of the Baku Oil Refinery named after Heydar Aliyev is scheduled to be completed by late 2018 or early 2019. The plant will continue its work for yet another 15 years, till the commissioning of a new refinery in Azerbaijan within the framework of the OGPC project in 2030.
Earlier, head of SOCAR Rovnag Abdullayev said that the cost of reconstruction of the refinery named after Heydar Aliyev is estimated at 1 billion AZN, and it will be financed by public funds. Work on the reconstruction will increase its capacity from 6 to 8 million metric tons per year. Also, the gasoline production capacity will be increased to 3 million metric tons per year.
Earlier, oil products were produced at two Baku refineries owned by SOCAR, which annually processes approximately 7 million metric tons of oil, extracted onshore and offshore at the expense of its own funds. In late 2014, the State Oil Company of Azerbaijan (SOCAR) announced about liquidation of Azneftyag oil refinery since January 1, 2015 and its merger with Baku Oil Refinery named after Heydar Aliyev as part of work on improving and optimization of SOCAR's structure.
Edited by CN
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