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SOCAR to construct petrochemical complex

March 26/2012

(chemicals-technology) -- The State Oil Company of Azerbaijan Republic (SOCAR) is planning to construct an oil and gas processing and petrochemical complex near Baku, Azerbaijan.

The project, which is expected to cost around EUR13bn, is scheduled to start in 2020. SOCAR and the Azerbaijan government will invest 30% into the complex, while the remaining amount will come from private investors.
The complex will have 30 processing plants and a thermal power plant, and will process 10mt of oil and 10bn m? of gas.

SOCAR vice president Tofig Gahramanov was quoted by europeanplasticsnews as saying that the complex will also produce 670,000t of polyethylene and 550,000t of polypropylene. The complex has received interest from companies in Japan, the US, Korea and Italy, according to Gahramanov. SOCAR said the payback period of the project is between six and seven years.

Formed from the merger of Azerneft and Azneftkimiya, SOCAR is involved in the exploration of oil and gas fields, oil and gas production, processing and transportation, and the marketing of petroleum and petrochemical products.

SOCAR has its head office in Baku and representative offices in Bucharest, Frankfurt am Main, Geneva, London, Istanbul, Vienna, Astana and Tehran.

Author:	Anna Larionova
Tags:	PP.
Category:	General News

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