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CEIBC members meet with SOCAR vice-president - PHOTO

CEIBC members meet with SOCAR vice-president - <font color=red>PHOTO</font>

31 May 2012 15:11 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. The Caspian-European Integration Business Club (CEIBC) members have today met with the SOCAR`s vice-president on strategic development Tofig Gahramanov. Gahramanov spoke about SOCARâ€™s activity and achievements got within some years.

Speaking about construction project of new oil and gas and petro-chemical refining complex, SOCAR official said that the construction was expected to start in 2013. Petro-chemical refining plant is considered to open in mid of 2017. Production capacity will make 10 bln cubic meters, this figure will be increased up to 15 bln cubic meters.

40%n of products produced at the complex will be oil, 90% - chemical products.

Gahramanov noted that total cost of the project makes $17 bln: â€™30-40% of investments will come from Azerbaijan, 60-70% from other sourcesâ€™.

Note that, BNP Paribas, Societe Generale, UniCredit, Credit Agricole, ING, RBS and TDJ show interest in financing of the project.