• Our products
  • Trend Media Service
  • News terminal

Media service

  • Trend Media Service

For clients

  • How to subscribe
  • Instant paid access
  • Support service

Ads placement

  • Banner platforms on the website

Company

  • About company
  • Vacancies

Communications

  • Reference
  • Achievements

Trend in social networks

  • Facebook
  • Twitter
  • Youtube
  • Telegram
  • RSS
  • IOS
  • Android

Our services

  • Trend News Terminal
  • Trend Daily News
  • Caspian Oil & Gas Trend’s
  • Monthly Azerbaijan Business Monitoring
  • Weekly Azerbaijan Business Monitorings
  • Caspian, Turkey Building & Logistics Monitoring
  • Azerbaijan Energy Projects Review
  • Trend Banking Analytics
  • Iran Energy Economy Review
  • Central Asia Economic Business Monitoring
  • Weekly Tenders Report
  • Azerbaijan non-oil Review
  • Azerbaijan Monthly IСT Monitoring
  • Regional Finances

Media

  • Trend Politics
  • Trend Society
  • Trend Economy
  • Trend Energy
  • Trend ICT
  • Trend Tourism
  • Trend Culture

Contacts

  • Bakhtiyar Vahabzade Str., 14, Baku, Azerbaijan, AZ1141.
  • sales@trend.az
  • + 994 12 437-12-68
ORDER TRIAL VERSION
  • RU
  • AZ
  • EN
  • TR
  • FA
  • Login
  • Sign up
Trend.Az
  • Latest
  • Azerbaijan
    • Politics
    • Business
    • Nagorno-Karabakh conflict
    • Society
    • Other News
  • Business
    • Oil&Gas
    • ICT
    • Economy news
    • Tenders
    • Tourism
  • Iran
    • Nuclear Program
    • Politics
    • Business
    • Society
  • Central Asia
    • Kyrgyzstan
    • Kazakhstan
    • Turkmenistan
    • Tajikistan
    • Uzbekistan
  • South Caucasus
    • Armenia
    • Georgia
  • World
    • Turkey
    • Europe
    • US
    • Russia
    • Israel
    • China
    • Arab World
    • Other News
  • Analysis
  • Latest
  • Azerbaijan
    • Politics
    • Business
    • Nagorno-Karabakh conflict
    • Society
    • Other News
  • Business
    • Oil&Gas
    • ICT
    • Economy news
    • Tenders
    • Tourism
  • Iran
    • Nuclear Program
    • Politics
    • Business
    • Society
  • Central Asia
    • Kyrgyzstan
    • Kazakhstan
    • Turkmenistan
    • Tajikistan
    • Uzbekistan
  • South Caucasus
    • Armenia
    • Georgia
  • World
    • Turkey
    • Europe
    • US
    • Russia
    • Israel
    • China
    • Arab World
    • Other News
  • Analysis
  • Trend Photo
  • Home
  • Business
  • Oil&Gas

SOFAZ to finance modernization of Baku oil refinery (UPDATE)

1 June 2017 18:02 (UTC+04:00)
  • 0
  • 0

Details added (first version posted on 16:40)

Baku, Azerbaijan, June 1

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) will allocate funds for financing the modernization and reconstruction of the Heydar Aliyev Baku Oil Refinery of the country’s state oil company SOCAR, Tofig Gahramanov, SOCAR vice-president for strategic development, told reporters on the sidelines of the 24th International Caspian Oil & Gas Exhibition and Conference 2017 in Baku June 1.

According to him, it is also planned to attract a foreign loan under the state guarantee for modernization of SOCAR’s Azerikimya Production Union.

“Modernization of the Heydar Aliyev Baku Oil Refinery will be fully financed by the state. These issues were resolved at the state level last month. That is, the part needed now to finance the modernization work will be allocated in US dollars by SOFAZ. Most likely, these funds will be used to increase the authorized capital of SOCAR,” noted the vice-president.

He said that 1,5 years ago, UOP and Fluor companies prepared a feasibility study for the modernization of the oil refinery and the Azerikimya Production Union.

“Then the estimated cost of work was $1.3 billion. About $300 million of these funds were supposed to be spent on Azerikimya, and about $1 billion for modernization of the refinery. Then we studied this in more detail. A more accurate value is determined after the completion of tender procedures. Today, the cost of projects is estimated at $1.8 billion. Modernization of the refinery will require about $1.5 billion and $320-340 million will be spent on the modernization of Azerikimya,” added Gahramanov.

According to him, as of now, about 400 million manats have been spent as part of both projects.

The vice-president also added that in August, the activity of Baku Oil Refinery will be stopped for a month in order to carry out routine maintenance work as part of the modernization.

The Baku Oil Refinery’s modernization process will be completed until 2020. The refinery’s processing capacity will increase from 6 to 7.5 million tons of oil per year.

---

Follow the author on Twitter: @MaksimTsurkov

Follow Trend on Telegram. Only most interesting and important news

  • Tags:
  • SOFAZ
Azernews Newspaper
Related news
Azerbaijan reveals earnings from its biggest oil project
Oil&Gas 19 April 19:28
SOFAZ increases US dollar's share in investment portfolio's currency structure
Economy news 19 April 11:45
SOFAZ assets up in Jan.-March
Oil&Gas 18 April 18:01
SOFAZ expects increase in dividends in Russia’s VTB Bank
Economy news 11 April 15:31
SOFAZ expecting much more revenues in 2018
Oil&Gas 11 April 15:06
SOFAZ: Presidential election as always organized at high level in Azerbaijan
Politics 11 April 13:23
SOFAZ sells over $1.3B to Azerbaijani banks
Economy news 5 April 09:57
SOFAZ executive director heads IBA supervisory board
Economy news 14 March 19:29
SOFAZ sells nearly $665M to Azerbaijani banks
Economy news 5 March 10:04
SOFAZ expects higher revenues from assets’ management in 2018
Oil&Gas 4 March 08:00
Azerbaijan discloses amount spent by State Oil Fund for refugees, IDPs
Oil&Gas 1 March 21:14
SOFAZ to finance four projects in 2018
Oil&Gas 1 March 16:52
SOFAZ selects provider of security monitoring services
Business 23 February 20:50
Azerbaijan sovereign Oil Fund aims to double real estate assets
Economy news 20 February 10:41
SOFAZ reveals data on its investment portfolio
Economy news 8 February 12:09
SOFAZ investments in shares increase
Economy news 8 February 11:15
SOFAZ assets up by 8% in 2017
Oil&Gas 8 February 10:43
Azerbaijan receives first bonus payment from new ACG agreement
Oil&Gas 30 January 16:10
Most popular
Armenian protest leader to meet with Prime Minister Sargsyan
Armenian protest leader to meet with Prime Minister Sargsyan
Armenia’s criminal regime spreading false information - Azerbaijani defense ministry
Car production in Neftchala may stabilize Azerbaijani market: expert
Iran would talk prisoners if US shows respect: Zarif
Commentary
Protests in Armenia might again end in nothing

Protests in Armenia might again end in nothing

Ankara takes action against expected US sanctions
Why does Turkey need snap elections?
Azerbaijan to create better conditions for fintech companies
Trend.Az
  • About
  • Our Team
  • Our products
  • Trend Media Service
  • Info Service
  • News archive
Contacts
14, Bakhtiyar Vahabzade, Baku, Azerbaijan, AZ1141
+(994 12) 497-31-72
news@trend.az
+(994 12) 497-30-89
© 2018 Trend News Agency
Terms of use
  • counter