SOCAR establishes new company
By Laman Ismayilova
SOCAR GPC LLC has undergone state registration in Azerbaijan, the Vergiler newspaper of the Azerbaijani Taxes Ministry reported on December 7.
The company passed the state registration according to the “single window” system of the Ministry of Taxes on August 19.
The company’s authorized capital is $1,000, while Farid Jafarov is the SOCAR GPC official representative.
The GPC project envisages construction of gas processing and petrochemical plants 15 km away from Baku by the Azerbaijani state oil company SOCAR. The cost of the project is around $4 billion.
The project is designed to replace the existing processing facilities in Baku and Sumgait covering an area of approximately 4,500 hectares. The products from the complex will primarily meet the domestic demands and the excess will be exported. The project is expected to generate approximately 15,000 construction jobs and 2,000 permanent jobs.
Being established in September 1992 and headquartered in Baku, SOCAR is involved in extraction, exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, as well as oil and chemical products in domestic and international markets, and supplying natural gas to the industry and the public in Azerbaijan.
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