SOCAR increases forecasts for OGPC processing complex
Azerbaijan, Baku, May 31 /Trend A.Akhundov/
SOCAR has increased the projected level of investments in the new complex on oil and gas processing and production of petrochemical products, VP Tofig Gahramanov said at a meeting with members of the Caspian-European Integration Business Club (CEIBC).
He noted that previously it was planned to invest $12-13 billion in the construction of the complex, but after the meeting with experts of Fluor, Foster Wheeler, UOP, Technip, during which the optimization of the complex was discussed, it was decided to increase the investment to $14.2 billion and to $17 billion taking into account the percent of the bank.
Meetings with leading law firms are also held. The next discussion with them will be held on June 11-15 in London.
Creation of a new complex includes the construction of a petrochemical company, a refinery with a capacity of ten million tons per year, as well as gas processing plant with capacity of 10 billion cubic meters per year.
The complex will be located on 1,500 hectares 60 kilometers from Baku. The entire OGPC complex is scheduled to open by the end of 2020.