ECONOMY
SOCAR to construct new oil-gas processing petrochemical facility in Garadakh district
Baku, September 24 (AZERTAC). A new oil and gas processing petrochemical complex will be built in Garadagh district of Baku, the chief of the state oil firm, SOCAR, told journalists.
According to Rovnag Abdullayev, construction of eh facility is planned to start in 2014 and be completed in 2020.
He said the feasibility study of the project was developed together with foreign companies in September 2011. The cost of the new facility varied within$14-15 bln.
The capacity of the primary oil and gas processing will total 10 mln tons and 10 bcm. A petrochemical block and an energy block with the capacity of 250 Mw will also be built.
In general, a total of 40 production units are planned to be assembled at the facility. 17 of them need licensing.
A tender for selection of the financial, legal and ecological consultants has been announced within the framework of the project.
About 60-70% of financial resources will fall to the share of credit allocations. 30-40% will be covered by the state.
15-16,000 constructors will be engaged in the project during the peak of construction works (2016-2017). The facility will be built 60km away from Baku at an area comprising about 1500 hectares near the Sangachal terminal (right on the border of Garadagh and Absheron districts).
Project investments will be reimbursed approximately within 7 years. Project profitability totals 13%. The products of the facility will be sold at markets of Azerbaijan, Georgia, Turkey, East European countries and Iran.
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