Azerbaijan, Baku, Oct. 15 /Trend E. Ismayilov/
A new complex on oil and gas processing and production of oil and chemistry production will be launched stage by stage between 2017-2020, the head of SOCAR (State Oil Company of Azerbaijan) Strategic Development Department Ramiz Aliyev said during the fifth Caspian oil and gas trade transport conference in Baku.
He said the new complex will provide growing demand of the country in the necessary production.
The annual gas processing volumes will hit 10-12 billion cubic meters a year and 10 million tons of oil.
The total investment cost of new complex's construction amounts to $17 billion.
He went on to say that on account of the growing demand in the country for gasoline, reconstruction and modernisation of the installations will be held at the Baku oil refinery named after Heydar Aliyev, which is oriented to production of light oil products.
Reconstruction will meet the country's demand in gasoline till the launch of an oil refinery at the new complex.
SOCAR currently owns two oil refineries with a total capacity of 16 million tons.