SOCAR adds $2bn to forecast cost of Baku oil, gas, petchem complex

09 July 2013 16:49  [Source: ICIS news]

LONDON (ICIS)--The State Oil Company of the Azerbaijan Republic (SOCAR) has increased the estimated investment cost of its planned Oil and Gas Processing and Petrochemical Complex (OGPC) to $17bn (€13bn) from $15bn, the company said on Tuesday.

The first meeting of a team responsible for drawing up an environmental and social impact study for OGPC has taken place, SOCAR added in an update on the progress of the production park, scheduled to begin its first operations in 2017-2018.

OGPC, to be located just outside the Azeri capital of Baku, would feature petrochemical plants that utilised ethane feedstock, SOCAR said.

The feedstock might be made from gas drawn from Azerbaijan's Umid and Absheron gas fields, the company added.

Petrochemical installations with more than 2m tonnes/year of base polymer capacity would feature at the OGPC, according to SOCAR's plans.

These would include polyethylene (PE) and polypropylene (PP) installations with capacities of 670,000 tonnes/year and 550,000 tonnes/year, respectively.

The complex would also include a 10m tonne/year oil refinery and a 10bn cubic metre/year gas processing plant.

($1 = €0.78)

By: Will Conroy
+44 20 8652 3214

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