Azerbaijan supports Chinese investors’ participation in SOCAR GPC project

Mon 10 July 2017 17:45 GMT | 21:45 Local Time

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Azerbaijan fully supports the active participation of Chinese investors and companies in SOCAR GPC project, Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR said at a meeting with Wang Yilin, president of the China National Petroleum Corporation (CNPC) in Baku.

Abdullayev stressed the fruitful cooperation between SOCAR and CNPC, which is of great importance for strengthening interstate relations, Trend reports.

He added that mutual visits and meetings create favorable opportunities for further expansion of cooperation.

“Azerbaijan fully supports the active participation of Chinese investors and companies in SOCAR GPC project,” he added.

In his turn, Yilin said that CNPC is interested in developing cooperation with SOCAR in various fields.

"CNPC owns specific modern technologies, and their application in the projects which are being implemented in Azerbaijan can serve the efficient use of the country's natural resources," Yilin said. “The Chinese government attaches great importance to the GPC project."

Abdullayev also added that the sides did a great job in SOCAR GPC project and it is necessary to continue moving forward.

"SOCAR is ready to cooperate with CNPC in all areas of mutual interest," Abdullayev said.

SOCAR GPC, a gas processing and petrochemical complex of SOCAR, will be commissioned in Garadagh, 15 km south of Baku.

The capacity of the complex will be around 10 billion cubic meters of gas per year.

According to the initial estimations, the cost of the project is around $4 billion.

Dutch ING bank, China Development Bank and Russian Gazprombank are financial consultants of the project. US Vinson & Elkins LLP is a legal consultant at the international level, while PSG Law company has been involved as a legal consultant in Azerbaijan.

News.Az

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