Major events in Caspian countries' oil and gas industry for last week (Feb. 8-12)

Analysis Materials 15 February 2016 17:57 (UTC +04:00)

SOCAR inks another deal on oil refinery modernization

Azerbaijan's state oil company SOCAR and Italian KT-Kinetics Technology SpA signed a contract on licensing the construction of a sulphur production facility as part of modernization of the Heydar Aliyev Baku Oil Refinery, SOCAR said.

"As a result of the project implementation, the processing capacity of the refinery is planned to be increased from 6 to 7.5 million tons per year. The catalytic cracking unit capacity is planned to be increased from 2 to 2.5 million tons per year. The production of oil products meeting the Euro 5 standards will be established," - head of SOCAR said during the signing ceremony.

India ready to double investments in major Azerbaijani oil project

India is ready to double the investments for the project on development of Azerbaijan's large Azeri-Chirag-Guneshli (ACG) block of oil and gas fields, says Sanjay Rana, Indian ambassador to Azerbaijan. He said that Indian oil companies are very interested in oil fields in the Caspian Sea and the Baku-Tbilisi-Ceyhan pipeline.

"At present, the Indian investments in the ACG amount to $1 billion," said Rana. "We could invest additionally the same amount in the deposit."