Preliminary volume of investments in new petrochemical complex in Azerbaijan announced
Azerbaijan, Baku, April 10 / Trend, E.Ismayilov /
In the first quarter of 2013 it is planned to start construction work within creating a new complex for oil and gas processing and petrochemical production in Azerbaijan, President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev told journalists on Tuesday.
"During this year it is planned to complete all tender procedures,"Abdullayev said. "According to calculations, the amount of investments in the new project will amount to $14 billion (+ / - 30 percent)."
He said more accurate calculations will be known after the completion of project work.
According to the plans, more than 5 billion investments are planned to be attracted at the expense of export banks of other countries.
According to the State Oil Company, by late 2012 SOCAR plans to sign a contract with the participants of a project on the development of the Azeri-Chirag-Gunashli (ACG) oil and gas fields' block to develop a deep-bed gas in this block.
"The work is nearing completion, the last details are being clarified, and likely the issue will be resolved by late 2012," he said.
He said the ACG project members will become members of the new perfected PSA contract. With regard to the project operatorship, Abdullayev said that it will be the same as in the ACG project.
BP is operator in the ACG project.
ACG participating interests are: BP (operator - 35.78 per cent), SOCAR (11.65 per cent), Chevron (11.27 per cent), INPEX (10.96 per cent), Statoil (8.56 per cent), ExxonMobil (8 per cent), TPAO (6.75 per cent), ITOCHU (4.3 per cent) and Hess (2.72 per cent).