Azerbaijan, Baku, Dec. 18 / Trend E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) intends to sign a contract under the project on reconstruction and modernization of the gas system of Baku and Absheron Peninsula in January 2011, PU Azerigas Akbar Hajiyev said today. The company is in the balance of SOCAR.
Prior to the signing of the contract, SOCAR intends to complete the assessment process of the project proposals presented by European companies E. ON and RWE.
The gas system of Baku and Absheron peninsula is the largest in the country and covers about 650,000 subscribers. 90 percent of the existing infrastructure should be upgraded for its reconstruction and modernization.
Previously, the project cost is estimated at over one billion euro. For several years, SOCAR plans to complete the reconstruction and modernization of the entire gas system.