The SOCAR vice president noted that negotiations are currently underway with two contractors.
"Contractors must submit their business proposals. Currently, they are at the stage of preparing the technical specifications," he added.
He further noted that the construction of the unit may be completed by the end of 2023.
Currently, Heydar Aliyev Baku Oil Refinery is undergoing modernization, which will be completed in 2021. Following the modernization, the refinery’s capacity will increase from 6 million tons per year to 8 million tons per year, while its operational term will be extended until 2040.
The current oil refining unit (ELOU AVT) at the Heydar Aliyev Baku Oil Refinery was built in 1976.
The cost of modernization of the Heydar Aliyev Oil Refinery is estimated at around $2.2 billion.