Azerbaijan, Baku, Feb.24 /Trend E.Ismayilov/
State Oil Company of Azerbaijan (SOCAR) will begin engineering and geological work in the frame of creation of a new Azerbaijan Garadagh complex, oil and gas processing and production of petrochemical products in the coming days, according a source of oil and gas market told Trend on Friday.
The source noted that the preparation for a work is being implemented and it will be started in a month.
"Geophysical work, which is scheduled to begin in mid-March, is also provided at the area" the source said.
Implementation of this work is necessary in order to determine the reasonability of building a major complex on the selected area.
The source said, all the field works in the area will be completed within two to three months, after which the processing and interpretation of data will be held.
The construction of the new complex will worth $12-13 billion, the vice-president of SOCAR on Strategic Development Tofig Gahramanov said. Return on funds that will be invested in the construction of the complex will be six or seven years.
Commissioning of the new processing facility will be made in stages and will cover 2018-2020. First and foremost, it is scheduled to pass gas processing plant (GPP) with a capacity of ten billion cubic meters, then - chemical production, and the last refinery with capacity of 10 million tons will be commissioned.
Gas processing from fields developed by SOCAR itself, the gas from the Azeri-Chirag-Guneshli block and, if necessary, the gas (the share of SOCAR) from the field "Shah Deniz" will be implemented in GPP.
Gahramanov noted that the complex will produce gasoline of A-92, A-95, A-98 grades and jet fuel. A significant part of production will account for the development of diesel fuel, as the demand for diesel is growing.
The total area of the complex is 1500 hectares.