Baku, Azerbaijan, May 1
By Maksim Tsurkov – Trend:
By decree of the Cabinet of Ministers of Azerbaijan, imports of equipment to the country within the framework of projects of reconstruction of oil refineries will be exempted from customs duties beginning from May 29.
The decree signed by Prime Minister Novruz Mammadov on April 30 will remain in effect until December 31, 2021.
The corresponding changes were made to the decree "on the rates of customs duties for export-import operations in Azerbaijan".
This proposal of the Azerbaijani state oil company SOCAR was agreed with the ministries of Finance, Economy, Energy and the State Customs Committee to ensure long-term energy supply, production for domestic and foreign markets of competitive oil and gas and petrochemical products that meet modern standards.
Te modernization of the only refinery in Azerbaijan - the Heydar Aliyev Baku oil refinery - will be completed in early 2021. After modernization, the production capacity of the refinery will be increased from 6 million to 7.5 million tons per year, and the operational life of the enterprise will be extended till 2040.
The cost of modernization of the Baku oil refinery named after Heydar Aliyev is estimated at about $ 2.2 billion.