OIL & GAS
The final investment decision on the SOCAR GPC plant will be made in the fourth quarter of 2019, Rauf Guliyev, Finance Director of SOCAR Polymer, said at the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku, Trend reports.
According to Rauf Guliyev, construction works will begin in the first quarter of 2020, and the complex will be commissioned in the third quarter of 2023.
The plant will be built in 15 kilometers away from Baku. The project includes a gas processing and petrochemical complex with a capacity of about 10 billion cubic meters of gas annually, a gas-powered ethylene pyrolysis plant with a capacity of 610,000 tons, a propylene plant with a capacity of 130,000 tons and a polyethylene plant with a capacity of 600,000 tons as well as Butene-1 and Hexene-1 plants, general facilities and energy heat center.
HQC Company with the support provided by Azerbaijani companies will do construction and engineering work.
The cost of the project is approximately $4 billion. The ING Bank of the Netherlands, the State Development Bank of China and the Russian "Gazprombank" act as financial advisers to SOCAR GPC. Vinson & Elkins Company is international legal consultants, and PSG Company is engaged as a legal consultant in Azerbaijan.