SOCAR proceeds with the revamp of the Heydar Aliyev Oil Refinery with the objective of advancing the quality of fuel and lubricants in Azerbaijan and increasing the volume of production, said the message.
“The tender for the construction of new units was announced on February 10, 2017. Five international companies participated in the selection process. The subsidiaries of Maire Tecnimont S.p.A. - Tecnimont S.p.A. and KT-Kinetics Technology S.p.A. were selected with the highest score for the construction of new facilities. The deal includes the construction of more than 10 new production units. The tender for the reconstruction of existing units has been granted to Técnicas Reunidas, which won the qualifying proceedings last December,” said the company.
The contract was signed by Elman Ismayilov, CEO of Heydar Aliyev Refinery and Pierroberto Folgiero, CEO Maire Tecnimont.
Italian media reports that the contact’s cost is estimated at $800 million.
The cost of the refinery’s modernization will stand at around $1.5-$1.7 billion, according to preliminary estimates.
The refinery’s processing capacity will be increased from 6 to 7.5 million tons of oil per year following the modernization.