Final investment decision on SOCAR GPC to be made before end of year
Baku, Azerbaijan, April 22
By Sara Israfilbayova – Trend:
The final investment decision on the SOCAR GPC plant will be made in the fourth quarter of 2019, Rauf Guliyev, Finance Director of SOCAR Polymer, said at the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku, Trend reports.
According to him, construction works will begin in the first quarter of 2020, and the complex will be commissioned in the third quarter of 2023.
The GPC plant is to built 15 kilometers away from Baku. Within the project, it is planned to build a gas processing and petrochemical complex with a capacity of about 10 billion cubic meters of gas annually (its plants will be the largest enterprises in the world in this segment), a gas-powered ethylene pyrolysis plant with a capacity of 610,000 tons, a propylene plant with a capacity of 130,000 tons and a polyethylene plant with a capacity of 600,000 tons as well as Butene-1 and Hexene-1 plants, general facilities and energy heat center.
Engineering and construction works within the framework of SOCAR GPC project are planned to be carried out by HQC Company, which has extensive experience in the field of design, procurement and construction projects, with the support provided by Azerbaijani companies on the basis of projects prepared by the world’s leading licensors.
The cost of the project, according to initial estimates, is approximately $4 billion. The ING Bank of the Netherlands, the State Development Bank of China and the Russian "Gazprombank" act as financial advisers to SOCAR GPC. The US Vinson & Elkins Company are international legal consultants, and PSG Company is engaged as a legal consultant in Azerbaijan.