Azerbaijan, China ink MoU on SOCAR GPC project
Azerbaijan and China have signed a memorandum of understanding (MoU) on SOCAR GPC project, said the message from SOCAR GPC company.
The document was signed during the high-level international forum held as part of the ‘One Belt – One Road’ strategy in Beijing.
The MoU was signed by President of Azerbaijan’s state oil company SOCAR Rovnag Abdullayev, chairman of China National Petroleum Corporation (CNPC) Wang Yilin and head of the China Development Bank Hu Huaibang.
During the forum, an agreement on preliminary detailed design of the gas processing plant and polyethylene petrochemical complex was signed as part of the SOCAR GPC project. The agreement was signed by SOCAR, National Petroleum Corporation of China (CNPC) and Technip company to regulate the HQC services (a subsidiary of CNPC) and Technip Italy on detailed design for the SOCAR GPC project.
The GPC project envisages construction of gas processing and petrochemical complex 15 km away from Baku by the Azerbaijani state oil company SOCAR. The capacity of the complex will be around 10 billion cubic meters of gas per year.
The cost of the project is around $4 billion.