SOCAR to invest $4 billion in construction of floating drilling rigs

“Some $4 billion will be invested in construction of four new floating drilling rigs in Azerbaijan,” president of the country`s state oil firm, SOCAR, Rovnag Abdullayev has said.
According to him, the investment will be made for the period up to 2018-2019.

“Some 388.575 million manat will be allocated from the budget of the State Oil Fund in 2013 to build a semi-submersible drilling rig (SSDR) for SOCAR. Construction will begin in September 2013 at a new shipyard being built by SOCAR in Baku.”

Abdullayev touched upon construction of a new petrochemical and gas production complex in Azerbaijan, saying the foundation stone for the facility will be laid this year, and construction will be completed by 2020.

“The complex will consist of oil and gas processing plants with the capacity of 10 million tons and 10 billion cubic meters per year respectively.”

“The complex will be located 60 kilometers from Baku. Commissioning of the complex is scheduled for the end of 2020. The total cost of the project, according to feasibility study, is $15 billion,” the



/AzerTAc/