$13bn to be invested in new oil and gas refinery – Azeri official
BAKU – A new oil and gas refining complex will be built in Azerbaijan under a project totaling $12-13 billion, state oil company Socar’s vice-president Tofig Gahramanov has said.
The facility, located 60 km away from the capital Baku, will be commissioned in 2018-2020, Gahramanov said.
Initially, the newly built plant will refine 10-15 billion cubic meters of gas and 10 million tons of oil per year.
According to the Socar official, the produce of the new complex will comply with the Euro 5 standard.
"Diesel will make up most of the oil products, making it possible to import fuel-efficient cars using diesel to the country," Gahramanov said.
Foreign investors will be sought to take part in implementing the project.
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