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SOCAR increases authorized capital to modernize Oil Refinery named after Heydar Aliyev

08 May 2015 12:30 (UTC +04:00)

Baku. Agshin Rafigoglu - APA-Economics. State Oil Company of Azerbaijan (SOCAR) increases authorized capital to modernize the Oil Refinery named after Heydar Aliyev, said the SOCAR President Rovnag Abdullayev.

“SOCAR will carry out modernization works in the Oil Refinery named after Heydar Aliyev with the funds attracted from the Central Bank of Azerbaijan. The government will invest funds in the SOCAR’s authorized capital”, Abdullayev said.

SOCAR president noted that the project is estimated at AZN 1.2 bln: “Final decision will depend on result of the appropriate tenders. One of SOCAR’s groups is working on it. For this purpose, a commission has been established under my chairmanship. We report to government about the process per week. The works are carried out quickly”.