November 16, 2011

Azerbaijan to seek adviser for US$15bn petrochem complex

Author:Samuel FenwickSource:GTForum 15 Nov 2011 Categories:PetrochemRefining
Socar headquarters, Baku, Azerbaijan

Country to soon tender for the post. Proposed complex, which will feature a 10Mta refinery, to be built near Baku.
Azerbaijan will “soon” tender for the post of adviser to help secure from foreign lenders two-thirds of the US$15 billion that the country needs to build a petrochemical complex. Tofig Gahramanov, a vice-president at Socar, the state-owned oil company, told the Bloomberg news agency that the role will involve negotiations with lenders over the project, which will be built near the Azerbaijani capital of Baku.

The project is expected to take the rest of this decade and is being designed with the capacity to turn 10–15bnm3 of natural gas a year into products such as propane and butane, Gahramanov said. The project will also include a 10Mta refinery, he said.

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