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Rovnag Abdullayev: New oil refinery at Petkim will cost 40% less due to existence of necessary infrastructure

14 November 2009 10:28 (UTC +04:00)

Rovnag Abdullayev, President of SOCAR, said the feasibility study of the project is under way at present and construction work is slated to commence in 2010.

He added that Petkim has the basic infrastructure necessary for the construction and operations of a refinery.
â€œThe refinery’s capacity will be 10-15 million tons per year. Construction costs will be lower here than in otherareas. Given that there is a necessary infrastructure for the refinery, we can say that the refinery is estimated to cost about 40% less,â€ he noted.
According to him, unlike other petrochemical complexes, Petkim was not affected by the global financial crisis.

Petkimâ€™s market share is expected to reach 40% in several years from 25% currently.

According to projections, the total turnover of investments (upstream, downstream, energy and logistics) may amount to $15 billion by 2018.

SOCAR&Turcas/Injaz consortium (Azerbaijan-Turkey-Saudi Arabia) owns a 51% controlling stake in Petkim after privatization in 2007.