SOCAR to build petrochemical complex for $17 billion

The State Oil Company of the Azerbaijan Republic (SOCAR) will build a complex for processing oil and gas for $17 billion located about 60km away from Baku, SOCAR President Rovnag Abdullayev said yesterday.

The facility will produce 1.7 million tons of products. Its refineries will process about 10 million tons of oil and 10 billion cubic meters of gas a year. Oil processing will be at a level o 95%, light petroleum products 85%.

It will increase gas processing to 15 billion cubic meters a year. A thermal power plant with an output of 250MW will be built. The petrochemical facility will be launched in late 2020.