12:39 - 20.09.2018

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September 19, Fineko/abc.az. Socar president Rovnag Abdullayev stated that preliminary engineering and design work on the SOCAR GPC complex, consisting of gas processing and gas chemical plants, has already been completed and negotiations with foreign investors are currently underway.

Construction of complex SOCAR GPC is scheduled for late 2018 or early 2019. The complex will be located on the 305 hectare area in settlement Garadagh. Completion of the SOCAR GPC project is scheduled for the 1st quarter of 2022. The project includes construction of a gas processing plant and a gas chemical plant with annual production capacity of 10 bn cu m, a gas-operating pyrolysis plant with capacity of 610,000 tons a year, which is part of the gas chemical plant, a polyethylene plant with capacity of 600,000 tons a year, installations Buten-1 and Hexen-1, creation of a plant-wide economy and a new center of thermal energy provided for service of these plants and installations. 

Engineering and construction works of the SOCAR GPC project, based on the projects developed by world's leading licensors, with the support of Azerbaijani companies will be carried out by HQC, which has extensive experience in the field of engineering, procurement and construction projects.
The total cost of the project is $4 bn. 50% of the products produced in the complex will be exported to Turkey. Along with that, the Middle East, China and some European countries are also considered as potential markets.
ING Bank, China Development Bank and Gazprombank have been selected as joint financial advisors. Vinson & Elkins is an international legal advisor to SOCAR GPC, and PSG is a legal consultant in Azerbaijan.