SOCAR: Baku oil refinery to be modernized by 80%
Baku. Azerbaijan’s Heydar Aliyev oil refinery will be modernized by 75-80 percent, Tofig Gahramanov, SOCAR vice-president for strategic development, said at the Argus 2017 international petroleum summit in Baku Oct. 12.
“About 14 new facilities will be built as part of the modernization. The main objectives of modernization include increasing production at the plant, improving the quality of products and bringing it up to the Euro-5 standard,” qoutes Gahramanov Trend agency.
According to him, after the modernization, the production of gasoline at the refinery will be increased from the current 1.3 million tons up to 2.2 million tons, diesel – from 2.2 million tons up to 2.9 million tons and aviation kerosene – from 600-700,000 tons up to one million tons.
The SOCAR vice-president said that it is planned to ensure complete renovation of the plant. Speaking about the cost of the project, Gahramanov noted that currently, the project is estimated at $1.8-2 billion, but the exact amount will be announced after the tender procedures.
The Baku Oil Refinery’s modernization is currently underway and it will be completed until 2020. The refinery’s processing capacity will be increased from 6 to 7.5 million tons of oil per year.