SOCAR announces volume of investments for new refinery complex
Azerbaijan, Baku, Nov. 11 / Trend E. Ismayilov /
The investments in the creation of a new complex on oil and gas refining and petrochemical production will amount to $13-15 billion, SOCAR head Rovnag Abdullayev told media at an event dedicated to 50th anniversary of the Azerbaijani Gas Processing Plant today.
He said that Azerbaijan has great need for expanding gas processing capacity and in particular the construction of the new complex as gas production increases.
At present, Azerbaijani Gas Processing Plant under SOCAR plays a significant role in gas processing in the country. The power will be increased from 4 to 6 billion cubic meters as a result of modernization and reconstruction, Abdullayev said.
He said that at present, Azerbaijan's needs for gas processing hit 12 billion cubic meters.