SOCAR, Foster Wheeler JV to support $15bn oil-gas-petchem complex

12 April 2012 17:01  [Source: ICIS news]

LONDON (ICIS)--The State Oil Company of the Azerbaijan Republic (SOCAR) and global engineering and construction major Foster Wheeler are on the point of launching a joint venture that will support initiatives enabling the construction of a planned $15bn (€11.4bn) refining-gas-petrochemicals complex, SOCAR said on Thursday.

An initial objective of the joint venture would be to provide training in world-class engineering that would enable Azerbaijani personnel to contribute to the emergence of the new Oil and Gas Processing and Petrochemical Complex (OGPC) outside the country's capital Baku, it added.

SOCAR made the announcement following a meeting between its president, Rovnag Abdullayev, and Foster Wheeler CEO Umberto della Sala.

Abdullayev and della Sala both attended a 10–12 April OGPC project forum in Baku, at which potential foreign investors were provided with information about the complex, the first phase of which is scheduled to open at the turn of 2017–2018.

SOCAR hopes installations with more than 2m tonnes/year of base polymer capacity will feature at the OGPC.

Plans have been drawn up for plants including polyethylene (PE) and polypropylene (PP) installations with capacities of 670,000 tonnes/year and 550,000 tonnes/year, respectively, at OGPC, along with a 10m tonne/year oil refinery and a 10bn cubic metre/year gas processing plant.

Petrochemical feedstock ethane would be produced at the gas plant, said SOCAR.

($1 = €0.76)

By: Will Conroy
+44 20 8652 3214

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