Azerbaijan energy producer SOCAR is planning to have one of its largest petrochemical plants up and running between 2020 and 2023, the U.S.-Azerbaijan Chamber of Commerce said Monday.
The plant will cost $8.5 billion. It is expected to have the capacity to process 12 billion cubic meters of natural gas, 9 million tons of oil and 1.1 million tons of petrochemicals.
It is considered to be a top strategic opportunity among Azerbaijan leaders. SOCAR President Rovnag Abdullayev said the building of this "mega project" would help boost the county's economy significantly and add 15,000 jobs in construction of the 4,500 hectare facility.
The country's government is funding 30 percent of the project with the remaining funding coming from private Azerbaijan and international firms.
The project by state-owned SOCAR is nearing the end of its planning phase.