Azerbaijan, Baku, May 31 / Trend, E.Ismayilov /
By June 20, SOCAR plans to complete 3D geophysical studies to build a new oil and gas processing and production complex for petrochemical products in Garadagh, a source told Trend on Thursday.
He said most of the field work in the territory has been completed.
"Upon completion of the field work processing and interpretation of the received data will be done," the source said.
He said the whole process of data processing and interpretation is scheduled for completion in August this year.
Creation of a new complex includes the construction of a petrochemical company, a refinery capacity of ten million tons a year, as well as gas processing plant with capacity of 10 billion cubic meters a year.
Taking into account the scale of the project, its total cost is estimated at $15 million, $12.4 billion of which will be sent directly to the construction of the complex. The payback period is seven years.
The complex will be located 60 km away from Baku, and is expected to
become fully operational by 2020.