Baku, Azerbaijan, June 3
By Seymur Aliyev - Trend:
The processing capacity of Baku Oil Refinery named after Heydar Aliyev will increase from six million to 7.5 million metric tons of oil after the reconstruction, head of the refinery Elman Ismayilov told reporters June 2.
He made the remarks during the 22nd international Caspian Oil and Gas Exhibition and Conference in Baku.
He said the cost of the modernization is estimated at $1 billion.
As a result of the modernization, the production volume of petroleum products will increase, their quality will improve which will allow to produce Euro 5 gasoline, said Ismayilov.
Currently, the depth of refining at the enterprise is 96.5 percent, according to the refinery head.
He added that 35-40 percent of the petroleum products (mainly diesel fuel, jet fuel and gasoil) is sent for export.
SOCAR announced about liquidation of Azneftyag oil refinery on January 1, 2015 and its merger with Baku Oil Refinery named after Heydar Aliyev as part of work on improving and optimization of SOCAR's structure.
In total, over 5.31 million metric tons of petroleum products were produced in Azerbaijan in 2014, compared to 5.09 million metric tons in 2013.