Azerbaijan to build new refinery

Azerbaijan plans to modernize its existing oil refineries while also building new ones; the republic currently has two refineries in the capital city of Baku, with a combined capacity of 20 million tons a year. The two refineries are part of SOCAR, the state oil company of Azerbaijan, which refines about 7 million tons of oil from onshore and offshore fields every year. By 2014, SOCAR said it plans to increase the depth of oil processing at the refineries to 95%. The refineries currently produce Euro 3-compliant fuel, but Azerbaijan is looking to build a new oil refinery, which will produce Euro 5-compliant fuel by the end of 2020. The republic, together with foreign investors, will build a US$17 billion complex for oil and gas refining and the production of petrochemical products. The complex is expected to meet the domestic demand for oil products and export petroleum products to overseas markets. (July 4, 2012)