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SOCAR seeks investors for proposed oil, petchem projects

by ChemOrbis Editorial Team -
  • 04/06/2015 (14:02)
Azerbaijan’s state oil company SOCAR is seeking investors for its proposed oil, gas and petrochemical facility valued at around $16.5 billion, according to market sources. The vice president of the company reportedly stated they are already in talks with a Japanese investor.

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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