Chinese company may take part in petrochemical complex project in Azerbaijan
Baku, Azerbaijan, June 2
By Maksim Tsurkov - Trend:
China National Petroleum Corporation (CNPC), the country's largest oil and gas company, can take part in the project for construction of the Oil and Gas Processing and Petrochemical Complex (OGPC) in Azerbaijan, SOCAR President Rovnag Abdullayev told reporters June 2 in Baku.
"CNPC is the largest company in China's gas processing and petrochemical sphere," he said. "The talks with this company are underway. CNPC wants to take part in the OGPC project as an investor."
The OGPC will be located 60 kilometers 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 cost of construction of the OGPC is $17.1 billion (including interest on loans received during the construction period). Some 30 percent of the project's cost is planned to be financed with the authorized capital (nearly $5 billion), while 70 percent- with the borrowed capital (about $12 billion).
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