The complex will comprise of a gas processing plant, oil refinery and petrochemical plant, which will have a production capacity of 670,000 tons of polyethylene and 550,000 tons of polypropylene.
The plants will be developed in the Garadagh area to the south of the Azerbaijan capital Baku, reports Xinhua.
SOCAR vice president Tofig Gahramanov said that the firm has submitted a feasibility study with respect to the complex, to the government authorities.
The project will receive 30% funding through SOCAR’s internal resources and government contributions and the remaining funding will be secured from external financing.
The project is expected to be complete by 2018.
