SOCAR, the State Oil Company of the Azerbaijan Republic, announced implementation of $14 billion worth project, which stipulates building of gas liquefaction plant, a new oil refinery and a chemical plant in the first quarter of 2013, Reuters informs.
The annual capacity of the plant, intended for producing liquefied natural gas (LNG) will equal to 15 billion cubic metres.
According to Rovnag Abdullayev, SOCAR President who addressed the press on Tuesday, the company will be the key stakeholder in the project.
He added that other financers of the project will be the Azeri state oil fund together with export-import banks of the countries, where the necessary equipment will be purchased.
The targeted annual capacity of the oil refinery amounts to 10 million tonnes. The completion of the construction works is scheduled for 2020.
[mappress] LNG World News Staff, April 11, 2012; Image: SOCAR