SOCAR to Build LNG Plant

SOCAR President Rovnag Abdullayev has said that the company will build a liquefied natural gas as part of the building of a complex to process various hydrocarbons.

The $14 billion complex will include an LNG production plant, a chemical plant and an oil refinery, Mr. Abdullayev told journalists at a conference in Azerbaijan today.

SOCAR Vice President Tofig Gakhramanov said that the LNG plant would have an annual capacity to produce up to 15 billion cubic metres of gas, Reuters reports.

"Project work is currently in the final stage," Mr. Abdullayev said. "The project cost with 30 per cent accuracy is estimated at $14 billion but will be specified with 10 per cent accuracy.

"Funding sources are being specified--the Azeri state oil fund as well as export-import banks of those countries where we will be buying equipment will be financing this project."

Tendering for the various projects will start this year, VP Tofig Gakhramanov said, with initial construction to begin in the first quarter of next year. Work on the entire complex is expected to be completed by 2020.