Baku, Azerbaijan, Nov. 28
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR expects one of two Engineering, Procurement and Construction (EPC) contracts on modernization of the Heydar Aliyev Baku Oil Refinery to be signed before the end of this year, Teymur Aliyev, adviser of SOCAR vice president for strategic development, told reporters in Baku Nov. 28.
He said all the work on the refinery’s modernization goes according to schedule.
“Tender procedures for selection of two EPC contractors are ongoing,” he noted. “One of the tenders will be completed at the end of this year and the second one at the beginning of next year. One tender is for reconstruction of existing units, and the second tender is for construction of new ones.”
Teymur Aliyev noted that the project is being financed under a plan agreed upon with the Azerbaijani government.
“Funding is provided by the State Oil Fund of Azerbaijan (SOFAZ),” he added. “The project's total cost will be determined after completion of all tender procedures.”
He confirmed that the bitumen unit at the refinery will be ready for operation by the end of third quarter of next year.
The Heydar Aliyev Baku Oil Refinery’s modernization will be completed in 2021. The refinery’s processing capacity will increase from 6 to 7.5 million tons of oil per year.