Azerbaijan, Baku, 15 February / corr Trend I.Khalilova / The Azerbaijan Investment Company (AIC) is waiting for the decision of the Government for the further implementation of a project on establishment of petrochemical complex in Azerbaijan. The Government is currently considering the results of researches in this field, Riad Gasimov, the AIC Executive Director.
The appraisal report was developed for Azerbaijan by Allied Investment Company, a European Bank for Reconstruction and Development (EBRD) consultant.
Meanwhile, last week the investment company received several proposals from the Near East countries on the implementation of smaller projects in the petro-chemical sector, in particular, production of ethanol and methanol.
"We are prepared to force it the decision on the commencement of work here is adopted, whereas are studying the proposal submitted so far," Gasimov said.
The project ordered by Allied was allocated for general module complex for the production of all types of petro-chemical products and is of long-term.
"Our project has been submitted to the Government and we do not know whether it will be taken as a base or the State Oil Company of Azerbaijan (SOCAR) will carry out its own analysis for the establishment of the petro-chemical complex, the AIC Deputy Director said.
IN accordance with the project of Allied, the construction of the complex is carried out in three stages covering 10 years. Beginning from the first stage it is possible to manufacture products and the second the expansion of its nomenclature. The third stage stipulates wider expansion е, but in future. The first stage can be allocated for the term of 2-3 years following the adoption of the relevant decision.
One of the variant for the dislocation of petro-chemical complex is its placement in Sumgayit in the territory of already existing chemical plants.
The initial cots of the project on the establishment of the petro-chemical complex in Azerbaijan in $500mln.
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