SOCAR shelves plans for $8.5bn Sangachal petrochemical complex

The global collapse in oil prices has forced the State Oil Company of Azerbaijan (SOCAR) to shelve  plans to build an $8.5bn petrochemical complex at Sangachal 60km south of Baku. It will instead spend $1.3bn modernising  its existing refineries and chemical facilities.
“We can say that active work on the  gas processing and petrochemical complex has been temporarily frozen,” SOCAR Vide President Tofig Gahramanov said earlier this week.
The Sangachal project had  attracted interested from a number of foreign companies including Mitsui & Co and SOCAR is still negotiating with the Japanese company around its future participation  “as an investor and partner” if oil prices recover, he added.
In the meantime, SOCAR will focus on overhauling its ageing oil refinery in Baku.
Source: News.AZ