By Mirsaid Ibrahimzade

The 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals is underway in Baku. Over 300 participants, including representatives of the biggest oil and gas companies, refineries, trading companies, ports, terminals, banks and analytical agencies attend the event annually.

Speaking at the event, Managing Partner of BM Morison Partners Aykhan Asadov stated that there is a plan to build a gas processing plant in Azerbaijan by 2022.

He said that engineering and design work has been completed and it is planned to begin construction of the plant this year. Asadov noted that that there was a plan to build a single oil and gas processing complex in Azerbaijan; however, due to the oil prices fall, 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 mainly affected oil refining. In particular, instead of building 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 4th 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 development of energy sector, the SOCAR oil refining and petrochemical cluster in Turkey, the latest refining technologies, regional gas projects, possible imbalances in the global hydrocarbon market in 2019, new fields in the region and their impact on trade flows and export routes, and Caspian and Central Asian oil in a global context.

Trends in the global markets of petrochemical products including price trends, trade flows and technology development, as well as current state and prospects of Transcaucasian railway routes to the ports of Georgia are also reviewed.

The forum jointly organized by Baku Higher Oil School, SOCAR and the British company Confidence Capital Ltd will be held until April 25. The event participants will also visit the SOCAR carbamide plant, SOCAR Polymer and the BP Sangachal terminal.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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