SOCAR GPC’s new complex to bring in over $1B of revenues annually
Baku, Azerbaijan, Nov. 3
The annual income from the activities of the new gas processing and petrochemical complex as part of the SOCAR GPC project is estimated at $0.8-1.2 billion, said the General Manager of SOCAR Polymer Farid Jafarov.
He made the remarks at the SPE Annual Caspian Technical Conference and Exhibition in Baku Nov. 3.
Jafarov noted that the total investment costs for the project’s implementation amount to $4.2 billion, according to initial estimates.
“The processing capacity of the complex will be 10 billion cubic meters of gas. At the same time, after its treatment in line with international standards, the processing volume will be about 9.4 billion cubic meters of gas per year,” said the general manager.
“The production volume of the petrochemical complex will total 600,000 tons of polyethylene and 130,000 tons of propylene,” noted Jafarov adding that the project is currently at the FEED stage, and negotiations on financing are continuing.