SOCAR: Baku oil refinery modernized by over 30%

Oil&Gas Materials 12 June 2019 16:51 (UTC +04:00)

Baku, Azerbaijan, June 12

By Sara Israfilbayova – Trend:

The modernization project of Heydar Aliyev Baku Oil Refinery has been completed by over 30 percent, a source in Azerbaijan’s state oil company SOCAR told Trend.

The source noted that by the end of March 2019, more than $500 million had already been invested in the reconstruction of the refinery.

In general, the work continues on the detailed design, procurement, delivery of equipment and materials necessary for the project’s implementation, the source said.

The modernization work is set to be completed by 2021. After modernization, the refinery’s production capacity will increase from six million tons to eight million tons annually, and the operating life of the enterprise will be prolonged till 2040.

The current oil refining unit (ELOU AVT) at the refinery was built in 1976.

The cost of modernization of the refinery is estimated at around $2.2 billion.