Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Tuesday, August 22, 2017

Azerbaijan-owned firm building massive energy plant

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.

Organizations in this story

United States - Azerbaijan Chamber of Commerce 1212 Potomac Street, N.W. Washington, D.C. - 20007

Get notified the next time we write about United States - Azerbaijan Chamber of Commerce!