SOCAR expects higher oil refining at Baku Oil Refinery

Oil&Gas Materials 7 June 2018 12:53 (UTC +04:00)

Baku, Azerbaijan, June 7

By Maksim Tsurkov - Trend:

Azerbaijan's state oil company SOCAR forecasts the depth of oil refining at the Baku Oil Refinery named after Heydar Aliyev at the level of 94 percent in 2018, SOCAR told Trend.

The company noted that this figure was 91.9 percent in 2017.

"Last year, the processing depth was 91.9 percent, which is 2.1 percent lower than the planned level. And the forecast for 2018 is 94 percent. This is linked with the modernization process at the plant, and SOCAR will work to achieve these goals" , the company said.

"Upon completion of the entire work, the processing depth, according to our calculations, will reach 97 percent," the company said.

Currently, modernization of the Heydar Aliyev Baku Oil Refinery is underway and will be completed in 2021. After modernization, the operational period of the refinery will be extended to 2040 and the production capacity will be increased from 6 million to 7.5 million tons per year.

SOCAR announced the liquidation of Azneftyag oil refinery and its merger with the Heydar Aliyev Baku Oil Refinery in 2015. This decision was made as part of the work to improve and optimize SOCAR's structure.


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