Azerbaijan will invest $ 110 million in upgrading refineries

Oil&Gas Materials 23 September 2011 13:21

Azerbaijan, Baku, Sept. 23 / Trend , E.Ismayilov /

The State Oil Company of the Azerbaijan Republic (SOCAR) intends to provide the country's growing needs in gasoline and diesel fuel prior to commissioning a new refinery in Azerbaijan, SOCAR Vice-President for Processing David Mammadov said at the conference "Gas Infrastructure World Caspian" in Baku today.

He said SOCAR has developed a special program to this end.

The analysis of data on gasoline and diesel fuel consumption showed a trend of constant growth. Particularly, gasoline consumption increased by 6.8 percent in the first half of 2011, he said.

The reconstruction works are expected to be carried out at the company's refineries, particularly the Heydar Aliyev refinery, to ensure domestic demand for petroleum products, as well as to supply oil to the Georgian market.

The company also intends to improve the quality of petrol and diesel and bring them into line with the Euro-3 standard (diesel -in 2012, petrol -2013).

The investments volume in the entire work (upgrading and improving the quality of fuel) will reach $ 80-$110 million.