SOCAR prepares to realize new project on refinery and petrochemical complex
Azerbaijan, Baku, May 8 /Trend, E.Ismayilov/
SOCAR (State Oil Company of Azerbaijan) intends to receive a feasibility study (FS) and the concept of a new refinery and petrochemical complex in Garadagh district in July, the president of SOCAR Rovnag Abdullayev said.
"We expect to receive a project concept, feasibility in July, and we are preparing for the procedure to start this project," said Abdullayev.
According to Abdullayev, more investment should be made in the existing refineries to improve the quality of SOCAR-produced fuel to the standards of Euro 4 and Euro 5 and therefore, the project of a new oil refinery and petrochemical complex is devised.
"The diesel fuel and gasoline produced by SOCAR comply with the standards, and the diesel fuel already meets the European standards. Euro-2 standards will be applied to gasoline from this year, and next year we will be able to introduce Euro -3 to gasoline produced by the company," said Abdullayev.
Abdullayev said that SOCAR implements investment projects to improve the quality of gasoline produced at refineries. Touching upon the issue of integration of a new petrochemical complex and Azerkimya enterprise, the head of SOCAR said that according to the concept, the capacity of the new refinery will be about 10-15 million tons per year, which means receiving about 500,000 tons of naphtha, which over the next 50 years will be processed by Azerkimya chemical complex in Sumgait, said Abdullayev.
The equipment which exists in the chemical complex in Sumgait will be updated, as well as ethylene and propylene plants are planned to be established. Negotiations are held with several U.S. and European companies in this regard. As a result of modernization, the capacity of Azerkimya will increase three times.
Abdullayev said an industrial park will also be established in Sumgait, which envisages receiving final chemical products. Mobile factories are planned to be established here. "We are working with the Ministry of Economic Development to attract investment funds and private companies to build these plants," he said.