Baku, Azerbaijan, Feb.16
By Maksim Tsurkov - Trend:
Work on the implementation of the project to create a new complex for oil and gas processing and petrochemical complex (OGPC) in Azerbaijan will be completed on time, a source in SOCAR (State Oil Company of Azerbaijan) told Trend Feb.16.
"This project is strategically important for Azerbaijan," said the source. "Therefore, there will be no delays in its implementation. Work is carried out on schedule and will be completed on time. The project, as it was planned earlier, will be completed around late 2022 - early 2023."
The total cost of the first phase of the OGPC project is estimated at $7 billion (including interest on loans - $8.45 billion). It is planned to implement some 30 percent of the project with the equity, and the remaining part of the work will be carried out using borrowed capital. The payback period of the project will last 4-5 years.
The OGPC will be located 60 kilometers from Baku and will consist of three processing enterprises and a thermal power plant (TPP).
The OGPC construction project implementation will improve the product quality, enhance the export potential of the country and help protect the environment of the capital.
The annual capacity of the refinery as part of OGPC will be 8.5-9 million metric tons; the gas processing plant will be 12 billion cubic meters, petrochemical production will exceed 1 million metric tons (the power of the plant for the production of polyethylene will be 800,000 metric tons, rigs for polypropylene production - 300,000 metric tons).
Edited by CN
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