SOCAR seeks investors for proposed oil, petchem projects
The company targets to secure 70% of the required financing for the project from investment firms and private companies while the rest is planned to be financed by participants in the project.
The first phase of the proposed project is intended to replace SOCAR’s ageing oil refinery as well as the Garadagh gas processing plant and facilities of chemicals firm Azerikimya and is estimated to be worth around $2.1 billion. With the new projects, SOCAR aims to increase its annual oil refining capacity to 8 million tons from its current 6 million tons.
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