Baku, Azerbaijan, Apr.12
By Azad Hasanli - Trend:
The State Oil Company of Azerbaijan (SOCAR) will start construction work as part of modernization of the Baku Oil Refinery named after Heydar Aliyev in 2017.
The announcement was made by Emil Alkhasli, deputy director general of SOCAR OGPC (Oil and Gas Processing and Petrochemical Complex) during an event on the state support to industrial development in Baku Apr.12.
"The development of FEED project will be completed by late 2016 and the construction work will begin in 2017," he said.
A number of facilities will be constructed by July of 2019 in order to ensure the production of diesel fuel meeting Euro 5 standard and several facilities will be built by May of 2020 for producing gasoline meeting Euro 5 standard, according to the SOCAR OGPC representative.
Alkhasli added that a new asphalt plant and off-plot facilities will be commissioned by July of 2018.
The project will enable Azerbaijan to meet the domestic demands for motor gasoline in the next 15-20 years, he said.
After the completion of the reconstruction, the processing capacity of the refinery will increase from 6 million to 7.5 million tons of oil per year.
SOCAR announced the liquidation of Azneftyag oil refinery and its merger with the Heydar Aliyev Baku Oil Refinery in January of 2015. This decision was made as part of the work to improve and optimize SOCAR's structure.
Azerbaijan produced 5.45 million tons of oil products in 2015, compared to 5.31 million tons in 2014.
Edited by SI