Japan, China showing interest in Azerbaijan’s petrochemical complex

Baku, Azerbaijan, May 11

By Maksim Tsurkov - Trend:

Japan's Mitsui and China Huanqiu Contracting & Engineering Corporation (HQC) show interest in investing in the Oil & Gas Processing and Petrochemical Complex (OGPC) project of Azerbaijan, said Tofig Gahramanov, vice president of Azerbaijan's state oil company SOCAR.

The project has never been frozen completely, Gahramanov told reporters May 11 in Baku.

"The matter here rested in suspending the active phase of the work on the project," he added. "It is already a year that the active work stands at the lowest level. Currently, analysts and economists are working on it."

He also said that such large companies as Shell, Total Petrochemicals and Saudi companies were showing interest in the project at the initial stage, however, they refused to participate in further talks due to the lower oil prices and decrease in the project's profitability.

"Currently, we are looking for partners for creating a joint venture," said Gahramanov.

The OGPC will be located 60 kilometers away from Baku and will consist of three processing enterprises and a thermal power plant.

The project's implementation will improve the product quality, enhance the export potential of the country and help protect the environment of the capital.

The construction of the OGPC costs $17.1 billion (including interest on loans received during the construction period).

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