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Azerbaijan’s SOCAR to upgrade its refinery, pauses OGPC project

by ChemOrbis Editorial Team -
  • 19/02/2016 (13:46)
Azerbaijan’s state oil company SOCAR announced that it has suspended the work on the OGPC (Oil, Gas, Petrochemical Complex) project at Sangachal owing to lower oil prices and that it is planning to invest $1.3 billion into upgrading its existing refinery and chemical facilities, according to media reports.

SOCAR Vice President Tofig Gahramanov stated that the company’s oil refinery in Baku and Azerikimya Production Union’s chemical facilities will undergo maintenance as well as upgrades and that SOCAR plans to resume work on the OGPC project once crude oil prices stabilize.

The capacity of SOCAR’s oil refinery is expected to reach 7.5 million tons/year while new units are also slated to be installed at the site following the completion of the $1.3 billion project.
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