Baku, Azerbaijan, April 28
By Emil Ismayilov - Trend:
The cost of the construction of the oil and gas processing and petrochemical production complex by taking into account the payment of interest on loans makes up $ 14.4 billion in Azerbaijan, head of the strategic development department of the State Oil Company of Azerbaijan, Ramiz Aliyev said during the seventh Caspian Oil and Gas Trading and Transportation Conference in Baku.
The size of the required capital investment in the project amounts to $12.3 billion, he said.
Some $ 6.1 billion out of the total amount allocated for the project cost will account for the oil refinery, $ 3.6 billion - gas processing plant and power generation, $ 2.6 billion - a petrochemical complex, and the remaining $ 2.1 billion will make payments on loans.
The implementation of the project by 30-40 percent is provided at the expense of the own capital and the remaining part will account for borrowings. The payback period is 4.5 years.
OGPC will be located 60 kilometers from Baku and will consist of three processing plants and a thermal power plant.
The period of implementation of the first phase of the project is two years. The overall duration of the project will take place over eight years.
As the vice-president of SOCAR processing David Mammadov said previously, the company plans to complete commissioning and start production at OGPC sometime in 2023-2025.
Translated by S.I.
Edited by C.N.