SOCAR projects not harmed by lower oil prices
Baku, Azerbaijan, Sept.21
By Azad Hasanli – Trend:
Azerbaijan’s state oil company SOCAR hasn’t refused from implementation of none of its projects despite the decrease in world oil prices, said the company’s president Rovnag Abdullayev.
He made the remarks during the ceremony dedicated to the Oil Workers’ Day in Azerbaijan Sept.20.
“One of such projects, the implementation of which continues, is the modernization of the Heydar Aliyev Oil Refinery. The work on reconstructing four units will be carried out and additional 12 units will be constructed there,” said SOCAR’s president. “The refinery’s production capacity will reach 7.5 million tons per year.”
He pointed out that the projects, which are being implemented by SOCAR, will bring billions of dollars of benefits to Azerbaijan.
Currently, the total proven reserve in Azerbaijan is around 2 billion tons of oil and 2.6 trillion cubic meters of gas. This is while the projected reserve nears 5.4 trillion cubic meters of gas and 4.5 billion tons of oil.