SOCAR signs major agreement within modernization of Baku Refinery

02/02/2018 10:09 Oil Market

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Azerbaijan’s state oil firm SOCAR has inked an EPC (engineering, procurement and construction) with Italy’s Maire Tecnimont for the construction of new installations as part of the reconstruction and upgrading of Heydar Aliyev Baku Oil Refinery, according to a message from SOCAR.

SOCAR proceeds with the renovation of the Heydar Aliyev Oil Refinery with the target of advancing the quality of fuel and lubricants in Azerbaijan and boosting the volume of the output.


According to the company, the tender for the construction of new units was made known on February 10, 2017. Five international firms took part in the selection process. The divisions of Maire Tecnimont S.p.A. - Tecnimont S.p.A. and KT-Kinetics Technology S.p.A. were chosen with the best score for the construction of new facilities. The accord comprises the construction of over 10 new production units.


 The tender for the reconstruction of current units has been offered to Técnicas Reunidas, which won the succeeding proceedings last December.


The deal was inked by Elman Ismayilov, CEO of Heydar Aliyev Refinery and Pierroberto Folgiero, CEO Maire Tecnimont.
The cost of the contract is estimated at $800 million, as announced by Italian media.


The cost of the refinery’s upgrading will be at approximately $1.5-$1.7 billion, according to initial calculations.


The refinery’s processing capacity will be raised from 6 to 7.5 million tons of oil per year after the modernization.
 

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