BAKU
Azerbaijan's new Oil, Gas Processing and Petrochemical Complex at a cost of $8.5 billion is nearing the completion of its project phase.
Azerbaijan's new complex is one of the most strategic investments of the country, according to Rovnak Abdullayev, president of Azerbaijan's state-owned energy giant SOCAR.
Abdullayev speaking at the press conference of the new OGPC, described the complex as a "Mega Project" and added that 15 thousand people will work on the construction which will be built on a 4,500 hectares area 60 kilometers south of Baku, in accordance with Azerbaijani President Ilham Aliyev's instructions.
The new OGPC will start operating between 2020-2023 with a 12 billion cubic meter capacity of natural gas processing plant, an oil refinery with a nine million ton capacity, and a 1.1 million ton petrochemical plant.
The Azerbaijan government will finance 30 percent of the project while the other 70 percent will be financed by national and international private firms.
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