International Bank of Azerbaijan delivers big loan to SOCAR in 2015

The International Bank of Azerbaijan (IBA) delivered a loan worth 1.29 billion manats to SOCAR (the State Oil Company of the Republic of Azerbaijan), a report on the Azerbaijani Cabinet of Ministers’ activity-2015 said.

The loan has been delivered for the modernization and reconstruction of the Heydar Aliyev Baku Oil Refinery and Azerkimya production association.

According to the report, two new sulfur compound refining and hydrogen enrichment facilities were built and put into operation in Azerkimya production association in 2015 to increase the production of raw materials designed for the production of consumer products and improve the quality.

Azerkimya is a part of SOCAR. It includes the Ethylene-Polyethylene plant, the plant of surfactants, the Organic Synthesis plant, the mechanical repair plant; the Kimyaelmitedgigatlayihe Institute; the repair and construction department; the transport and special equipment department; warehousing.

The process of modernization of the Heydar Aliyev Baku Oil Refinery will be completed by late 2020. After the completion of the reconstruction, the processing capacity of the refinery will increase to 7.5 million tons of oil per year.

SOCAR announced the liquidation of Azneftyag oil refinery and its merger with the Heydar Aliyev Baku Oil Refinery in January 2015.

This decision was made as part of the work to improve and optimize SOCAR’s structure.

Source: TREND