Baku, Azerbaijan, Oct. 11
By Ilkin Shafiyev - Trend:
Modernization of a steam generating complex operating at the Ethylene-Polyethylene plant of the Azerikimya Production Union of Azerbaijan’s state oil company SOCAR has been completed by about 45 percent, a source in SOCAR told Trend Oct. 11.
“The updated units are planned to be commissioned by the end of 2019,” the source noted. “The German government supported the implementation of this project by an export credit guarantee provided by the company Euler Hermes. The cost of the modernization project is 30 million euros, and German technologies are mainly used there.”
The relevant agreement on the establishment of the SOCAR-UNIPER Joint Venture (JV) for the production of a turbogenerating unit was signed May 2016 in Baku by Head of SOCAR Rovnag Abdullayev and CEO of Uniper Klaus Schafer. SOCAR owns 51 percent in the JV, while Uniper owns 49 percent.
The project is aimed at improving economic efficiency of the steam generating complex operating at the Ethylene-Polyethylene plant and will ensure the production of additional volumes of electricity.
The Uniper and SOCAR partnership works in many other areas, including annual training on technology and energy efficiency, management and social responsibility.
Uniper is also one of the buyers of gas from Azerbaijan as part of the Shah Deniz-2 project. The company will purchase gas from the field in the amount of 1.5 billion cubic meters for 25 years, starting from 2020.
The two companies will also jointly implement projects aimed at improving efficiency in oil and gas production in Azerbaijan, optimizing energy consumption in the Azerbaijani industry and reducing harmful emissions into the atmosphere.
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