The total cost of modernizing the Azerikimya Production Association (PA) is about $500 million, Deputy Director General of Azerikimya Production Association Orkhan Jafarov said, Trend reports.
He made the announcement while speaking at a conference “Oil Refining and Petrochemistry of the Caspian Sea and Central Asia - Conjuncture, Projects Implementation, Technical Solutions” in Baku.
He noted that $260 million of this amount was allocated by Gazprombank OJSC.
In the future, additional funds may be raised for the modernization, Orkhan Jafarov added. “At this stage, an option of attracting investments from local banks is being considered and the negotiations are underway,” he said.
Azerikimya PA became a part of SOCAR infrastructure in 2010. The PA includes the Ethylene-Propylene plant, which consists of EP-300 and Polymer-120 units, an isopropyl alcohol production unit, a steam and electricity generation unit, and a repair and construction department.
The Conference on Oil Refining and Petrochemistry of the Caspian Sea and Central Asia is held within the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals, which started in Baku on April 22, 2019.
Over 300 participants, including representatives of the biggest oil and gas companies, refineries, trading companies, ports, terminals, banks and analytical agencies attend the event annually.
The participants of the 4th SOCAR Forum discuss regional gas projects; potential imbalances in the global hydrocarbon market in 2019; new oil and gas fields in the region and their impact on trade flows and export routes; Caspian and Central Asian oil in a global context; and key export markets for the region’s refineries and trade flows.
Among other issues, trends in the global markets for petrochemical products including price trends, trade flows and technology development, and current state and prospects of Transcaucasian railway routes to the ports of Georgia are also reviewed.
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