SOCAR signs major agreement within modernization of Baku Refinery

02/02/2018 10:09 Oil Market


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.

Daily (17.09.2020): An unexpected drop in US crude inventories boosted WTI crude by 5% on Wednesday

17/09/2020 13:33:00

Daily (17.09.2020): An unexpected drop in US crude inventories boosted WTI crude by 5% on Wednesday


Vattenfall repowers Dutch community wind farm

17/09/2020 09:18:00

38MW Jaap Rodenburg will host 10 turbines two of which will be owned by Almeerse Wind


European geothermal sector joins call for carbon price on heating and cooling

17/09/2020 08:58:00

The European Geothermal Energy Council is advocating for a carbon price to be put on heating and cooling in the European Union. Only with a fair price for all forms of energy and the real cost attached will it be able to reach the ambitions carbon neutral goal by 2050.