Azerbaijan cuts cost of carbamide plant construction (UPDATE)

Details added (first version posted on 13:39)

Sumgait, Azerbaijan, Sept. 14

By Maksim Tsurkov – Trend:

Azerbaijan has reduced the cost of construction of a carbamide plant of the state oil company SOCAR in the city of Sumgait.

The plant’s director Khayal Jafarov told reporters in Sumgait Sept. 14 that the cost of construction was reduced to 700-750 million euros through expenditure optimization. Previously, the cost of the plant’s construction was estimated at 900-920 million euros.

“Currently, the cost of the plant’s construction, taxes included, is estimated at 700-750 million euros. This is the amount of investments needed to start production at the plant,” said Jafarov.

He pointed out that some engineering solutions were changed for optimization and this led to a decrease in the project’s cost.

Nevertheless, the decrease in the project’s cost will not affect the plant’s main operating capabilities, added the plant’s director.

Jafarov noted that it is planned to solve the issue of raising 500 million euros for the project in October-November 2016.

“Talks with South Korea’s Export-Import Bank will be held in Seoul the next week. Moreover, talks are underway to attract funds from Deutsche Bank and two more European banks,” he added.

The first products of SOCAR’s carbamide plant are expected to be received in the first quarter of 2018. South Korea’s Samsung Engineering is the general contractor of the plant’s construction. Stamicarbon of the Netherlands and Haldor Topsoe of Denmark are licensors, while Finland’s Neste Jacobs Oy is project management consultant.

The plant is expected to produce 2,000 tons of carbamide and 1,200 tons of ammonia per day.

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Follow the author on Twitter: @MaksimTsurkov

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