SOCAR GPC’s Petrochemical Complex to Work by Early 2023

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The final investment decision on the SOCAR GPC gas processing and petrochemical complex construction project in Azerbaijan is expected to be taken by early 2018, SOCAR Polymer Financial Director Fuad Ahmadov said.

The cost of the project, according to initial estimates, is approximately $ 4 billion.

According to him, financing of the SOCAR GPC project by 70% is planned at the expense of bank loans and 30% – authorized capital, which is $ 1.2 billion.

“We are currently negotiating with Chinese investors – CNPC and Silk Road Foundation, a fund that supports projects that are on the Silk Road. We are now at the final stage of the negotiations. We hope that in the near future we will be able to get a positive decision from our Chinese partners. We will try to finance most of the project at the expense of Chinese finance, while maintaining a larger stake on the Azerbaijani side,” Ahmadov said.

The construction of the complex will take four years, that is, it is planned to be completed by the end of 2022.

* Within the framework of the GPC project, a gas processing and petrochemical complex with a capacity of about 10 bcm of gas per year, a gas-powered ethylene pyrolysis plant with a capacity of 610,000 tons, a propylene plant with a capacity of 130,000 tons and a polyethylene plant with a capacity of 600 thousand tons, Butene-1 and Hexen-1 plants, a common plant economy and a heat energy center are to be created 15 km away from Baku.

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