SOCAR, Fluor sign contract on petrochemical complex construction project (UPDATE)

details added (first version posted at 18:28)

Baku, Azerbaijan, March 29

By Maksim Tsurkov - Trend:

SOCAR (State Oil Company of Azerbaijan) and the US Fluor company concluded a contract. According to the contact, Fluor will manage the implementation of the project on establishing the Oil and Gas Processing and Petrochemical Complex (OGPC) near Baku, SOCAR said March 30.

Fluor has been chosen as a contractor for managing the projects of constructing the gas processing and petrochemical plants, the statement said.

"Eight leading companies, having experience in managing similar projects, were invited to participate in the tender," the statement said. "Four companies (Fluor, SNC-Lavalin, Tecnicas Reunidas and WorleyParsons) expressed their willingness to participate in the tender. They made their bids. SOCAR thoroughly analyzed the tender bids by announcing Fluor company as a winner of the tender."

Fluor will control the implementation of the stages of design, procurement and construction of the gas processing and petrochemical plants, as well as a plant-wide economic system. The US company will assist SOCAR in managing the contractors chosen for the project implementation.

The project will be managed from Fluor's British office in Farnborough.

Fluor is one of the world's largest publicly traded engineering, procurement, construction (EPC), maintenance, and project management companies. Fluor works with governments and Clients in diverse industries around the world to design, construct, and maintain complex and challenging capital projects.

It is headquartered in Irving, Texas. Clients depend on the expertise of Fluor's 40,000 employees operating globally to deliver capital projects safely, on schedule, within budget, and with the quality they expect. The company's revenue for 2014 was $21.5 billion.

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 four to five 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).

Follow the author on Twitter: @MaksimTsurkov

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