SOCAR mulls US$15 bln in oil refinery, gas processing and petrochemical plant in Azerbaijan

The State Oil Company of Azerbaijan (SOCAR) is mulling a $15 bln petrochemicals complex in Azerbaijan to comprise a gas processing plant, oil refinery and petrochemical plant with production capacity of 670,000 tons of polyethylene and 550,000 tons of polypropylene. The plants will be developed in the Garadagh area to the south of the Azerbaijan capital Baku, reports Xinhua. The oil major has submitted a feasibility study with respect to the complex to the government authorities. The project is expected to be complete by 2018. The project will receive 30% funding through SOCAR's internal resources and government contributions and the remaining funding will be secured from external financing.
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