Azerbaijan’s demands for gas processing are growing every year, which causes the need for construction of a new processing enterprise.
SOCAR’s President Rovnag Abdullayev said Azerbaijan’s demand for gas processing are growing every year.
'Today the country’s gas extraction makes up 12bn cubic meters a year. Therefore, we need construction of a new enterprise', Abdullayev told an event on the 50th anniversary of AzGPP.
He said gas processing in Azerbaijan is currently 2bn cubic meters higher than planned.
“In the coming years SOCAR is planning construction of a new oil and gas refining complex which requirements $13-14bn of investments. All the same, we are going to modernize the old plant and continue its operation”, Abdullayev said.
He said the capacity of the enterprise makes up 6bn cubic meters of gas against the planned refining of 4bn.
The State Oil Company is going to issue its own Eurobongs of $500m by the end of 2011, according to SOCAR President Rovnag Abdullayev.
He said due to the financial crisis in Europe, SOCAR specialists currently hold a thorough analysis of the market.
“These bonds are needed to the company not to cover financial demands. We issue them only to raise SOCAR’s rating”, Abdullayev said.