SOCAR chooses financial consultant for OGPC complex

SOCAR is considering proposals from a number of banks in the process of selecting a financial advisor in the frame of creation a new complex on oil and gas processing and production of petrochemical products (OGPC) in Azerbaijan, VP Suleyman Gasimov said at a meeting with members of the Caspian-European Integration Business Club (CEIBC) on Friday.

He said the banks were previously submitted bids, which are currently under consideration for a final decision.

Proposals submitted up to eight banks, including BNP Paribas, Societe Generale, ING, UniCredit, RBS and others, Gasimov said.

"We carried out detailed proposals so that the choice was transparent and the most advantageous to the State Oil Company," he said.

The complex includes the construction a petrochemical company, a refinery with a capacity of ten million tons per year, as well as gas processing plant with capacity of 10 billion cubic meters per year.

The complex will be located on 1,500 hectares 60 kilometers from Baku. The entire OGPC complex is scheduled to open by the end of 2020.


/Trend/