Special laws needed for new petrochemical complex construction in Azerbaijan

Special laws needed for new petrochemical complex construction in Azerbaijan

Azerbaijan, Baku, April 11 / Trend E.Ismayilov /

Development of a law to assist the construction in Azerbaijan of a new complex for oil and gas processing and production of petrochemical products (OGPC) will have a positive impact on the project's implementation, managing partner of OMNI law firm Jeyhun Bayramov said on Wednesday at a forum on creating OGPC.

"Since the project will attract foreign investment, contractors and subcontractors, the creation of special legal requirements is necessary to prevent delays in the construction of the new complex. The State Oil Company of Azerbaijan (SOCAR) has appealed to the government to create a legal framework governing the special mode of operation," Bayramov said.

In his view, the formation of a new law is more appropriate than amending the legal framework of the country which can take quite a long time.

In particular, the creation of a special legal administration involves resolving issues of taxation, customs duties, labour migration, social protection, tariffs and pricing processes.

"In order to ensure efficiency of the project implementation in all these areas preferences and privileges need to be applied," said Bayramov.

He noted that the early implementation of this project will create conditions for the development of the industrial complex of the country and in particular light and heavy industry, an increase in energy security and diversification of the economy.

A striking example are projects such as the development of the Azeri-Chirag-Guneshli block of oil and gas fields, Baku-Tbilisi-Ceyhan oil pipeline and South Caucasus gas pipeline, within which special legal frameworks were established.

"These projects will have a positive impact on the economic development of the country," said Bayramov.

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