The fourth SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals is held in Baku. Over 300 participants, including representatives of the largest oil and gas companies, trading companies, terminals, refineries, ports, analytical agencies and banks attend the event every year.
Speaking at the event, Aykhan Asadov, Managing Partner of BM Morison Partners, stated that a gas processing plant is to be built in Azerbaijan by 2022.
He said that design and engineering work has been finished and it is planned to begin construction of the plant in 2019. Asadov noted that that there was a plan to construct a single oil and gas processing complex in Azerbaijan. But due to the oil prices decrease, the initial plan was changed.
“The project was planned to be implemented in 2017-2020. The complex was to consist of four sections: a gas processing plant with a capacity of 10 billion cubic meters of gas per year, an oil refinery with a capacity of 10 million tons per year, a petrochemical plant and a 250-megawatt power plant,” he said.
Asadov noted that the changes mostly affected oil refining. Particularly, instead of creating new capacities, attention was focused on modernizing Heydar Aliyev Baku Oil Refinery.
“By the end of November 2020, it is planned to produce 3.3 million tons of diesel per year at the refinery, and by February 2021 – 2.2 million tons of gasoline annually,” he emphasized.
The fourth SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals started in Baku on April 22. Among other topics, the Forum participants discuss the SOCAR oil refining and petrochemical cluster in Turkey, regional gas projects, the latest refining technologies, the development of energy sector, new fields in the region and their impact on trade flows and export routes, possible imbalances in the global hydrocarbon market in 2019, and Caspian and Central Asian oil in a global context.
Global markets trends in the petrochemical products including trade flows and technology development, price trends, as well as current state and prospects of Transcaucasian railway routes to Georgian ports are also reviewed.
The forum jointly organized by SOCAR, Baku Higher Oil School and the British company Confidence Capital Ltd will be held until April 25. The event participants will also visit the SOCAR Polymer, SOCAR carbamide plant, and the BP Sangachal terminal.