(MENAFN- AzerNews) ByTrend
The 2nd and 3rd stages of the modernization project of the Baku Oil Refinery named after Heydar Aliyev are currently being implemented in parallel, the Azerbaijani state-owned company SOCAR told Trend .
It was noted that the new bitumen plant was commissioned during the 1st stage of the project and is already fully functional.
The unit produces bitumen in volumes corresponding to the demand in the domestic market.
At present, modernization work is being carried out at the Baku Oil Refinery named after Heydar Aliyev, set to be completed by 2021. After modernization, the refinery's production capacity will be increased from 6 million tons to 8 million tons annually, and the operating life of the enterprise will be prolonged till 2040.
The current oil refining unit (ELOU AVT) at the refinery was built in 1976.
The cost of modernization of the refinery is estimated at around $2.2 billion.
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