26th International Caspian Oil & Gas Conference

30 - 31 May 2019 • Bilgah Beach Hotel

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Caspian Oil & Gas Conference - New refinery and petrochemical complex in Baku can be built only at oil price of $60-70 a barrel

New refinery and petrochemical complex in Baku can be built only at oil price of $60-70 a barrel
12.05.2016

The State Oil Company of Azerbaijan (SOCAR) has announced plans concerning oil refining for the next 10-15 years.

Tofig Gahramanov, SOCAR Vice President for Strategic Sevelopment, says that refinery Azneftyag will be closed in 2018 after the launch of the bitumen plant at the Baku Oil Refinery named after Heydar Aliyev.

"Although in 2015 a decision was made to withdraw Azneftyag out of service, the operation of this enterprise is yet required as there two plants of primary oil refining and the old bitumen plant with capacity of 250,000 tons a year are operating. As soon as the Baku refinery will launch a new bitumen plant for 400,000 tons a year in the summer of 2018, Azneftyag will be closed and dismantled," Gahramanov said.

The Azneftyag

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