European companies show great interest in SOCAR projects
Azerbaijan, Baku, Nov. 22 / Trend E.Ismayilov /.
Major European companies are showing great interest in the projects implemented by Azerbaijan, and in particular to SOCAR (State Oil Company of Azerbaijan) projects , high ranking SOCAR representative told Trend.
According to him, a great interest was shown by European companies during the session on 'The European Union and Azerbaijan: strategic partnership -'Southern Gas Corridor', which took place earlier within the opening of SOCAR mission in Brussels.
"In particular, European companies are interested in the construction of a new complex in Azerbaijan on oil and gas processing and petrochemicals production. This project is interesting both considering possible future supply of petroleum and chemical products to Europe and as an investment project open for participation of these companies, " the source stated.
Azerbaijan awakens interest also as a stable supplier of energy resources to the European market and a state developing at a fast pace. Along with the interest in projects implemented by Azerbaijan, the European side would like to see the country as a major investor in the European market.
Creation of a new processing complex worth $ 17 billion (including interest on bank loans) involves the construction of petrochemical plants, a refinery with capacity of ten million tons per year, as well as a gas processing plant with capacity of 10-12 billion cubic meters a year. Depth of processing at the plant will stand at about 95 percent, and the output of light oil products - at 85 percent.
In the long term capacity of the gas processing plant is planned to be increased to 15 billion cubic meters a year. Creation of a heat-and-power engineering center with capacity of 250 megawatts is planned within construction of new complex.
The complex will be located 60 kilometers from Baku. Commissioning of the entire complex is scheduled for late 2020.
SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia and the Ukraine. Last year SOCAR purchase network of gas filling stations in Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in various regions of the world through SOCAR Trading.