OGPC project presented in Baku

By: Aynur Jafarova

The final configuration and economic characteristics of a new Oil and Gas Processing Complex (OGPC) was presented in Baku.

The new complex will be constructed by Azerbaijan’s state energy company SOCAR.

SOCAR and OGPC, the specialists of Technip and UOP companies which are the main contractors carrying out a feasibility study for the project, the Fluor Company, SOCAR’s Design Institute, and the Institute of Petrochemical Processes of Azerbaijan National Academy of Sciences attended the presentation of the project of new complex, SOCAR said on May 27.

Considering payment of interest on loans, the project will cost $14.4 billion

Some $6.1 billion of the total amount allocated for the project’s fulfillment will fall on the refinery, $3.6 billion on the gas processing plant and power generation, $2.6 billion on the petrochemical production enterprise, and the remaining $2.1 billion will be used for payments on loans.

Some 30-40 percent of the project will be implemented by equity capital, and the remaining part will come from borrowed capital.

The payback period of the project is 4.5 years.

The capacity of the OGPC’s oil refinery will amount to 8.5-9 million tons per year, and the capacity of the gas processing plant will be 12 billion cubic meters per year.

The capacity of the polyethylene production enterprise will stand at 800,000 tons, and the polypropylene production enterprise will be 300,000 tons per year.

The OGPC will be located 60 kilometers away from Baku, and consist of three processing plants and a thermal power plant.

The period of implementing the first stage of the project is two years, and it will take eight years to be finished.

SOURCE: AZER NEWS

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