ECONOMY


Baku hosts SOCAR OGPC Forum

Baku, April 10 (AzerTAc). Azerbaijan`s state oil firm, SOCAR, has today opened Oil Gas Processing and Petrochemical Complex (OGPC) Forum in Baku.
Sponsored by SOCAR, the forum is organized by Iteca Caspian and INBC Consulting. OGPC Forum is designed to provide a detailed presentation of the new Oil Gas Processing and Petrochemical Complex to be developed and constructed by SOCAR in the capital of Azerbaijan.
In his opening remarks, SOCAR president Rovnag Abdullayev pointed out “Azerbaijan today experiences a period of socio-economic prosperity”.
“Azerbaijan`s achievements are the result of the successful implementation of the oil strategy developed by national leader Heydar Aliyev. Azerbaijan has secured its energy security in the long run, and has made tremendous contributions to ensuring regional and international energy security.”
“Large-scaled projects to produce and transport hydrocarbons, our successes, the discovery of new fields have increased Azerbaijan`s role even more,”
Abdullayev added.
On the importance of OGPC project, the SOCAR chief said the participation of more than 450 local and foreign experts from 150 companies of over 30 countries testified to high international interest in the project.
Azerbaijan`s Deputy Prime Minister, Yagub Eyyubov, read out President Ilham Aliyev`s congratulatory message to the forum`s participants.
Executive Director of Azerbaijan`s State Oil Fund (SOFAZ), Shahmar Movsumov, highlighted the Fund`s history and aims. He said the total volume of SOFAZ`s assets exceeded 30 billion dollars.
He said Azerbaijan was among the world`s most rapidly developing economies.
On Oil Gas Processing and Petrochemical Complex project, Movsumov said “it is unique given its strategic importance and the contribution it will make to the country`s socio-economic development”.
The ceremony featured a video-presentation of the project. The forum continued its work in plenary meetings.
The two-day forum brings together representatives of a wide range of companies, including Azenco, Air Liquide, Air Products, Axens, Baker & McKenzie, Baker Botts LLP, Daelim, Daewoo, Deloitte & Touche LLC, Dow Chemical, Fluor, Foster Wheeler, Honeywell, Hyundai E&C, ING Bank, JGC Corporation, KBR, Lanxess, Marubeni Corporation, Mitsui & Co, Petkim Petrokimya Holding, Protasis SA, Shaw Energy & Chemicals, SNC-Lavalin, Stamicarbon, Socar Turkey, UOP Limited and Velosi.
Oil and gas refining factories with an annual production capacity of respectively 10 million tons and 10 billion cubic meters are planned to be constructed as part of the project. The project also includes the construction of a petrochemical plant with an annual capacity of 2 million tons of base polymers.
 

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