Chinese companies can become owners of a 50 percent stake in the gas processing and petrochemical complex in Azerbaijan OGPC, the President of SOCAR Rovnag Abdullayev told the media.
According to him, the work on this issue is currently ongoing. ‘As you know, SOCAR and CNPC signed a memorandum of understanding on cooperation in the oil and petrochemical sectors. Now we are working together with the Chinese government-owned ExImBank, other banks and CNPC, and probably in the near future the negotiations will be completed,’ Abdullayev said.
Chinese companies, he said, may become shareholders in the project with a share of up to 50 percent, and the financing will be provided by ExImBank China and another bank.
‘This proposal was presented to them, and we are working on it,’ Abdullayev said.
The cost of the construction of the gas chemical complex is estimated at $ 4 billion. Its annual capacity will be 10 bcm.