Baku refinery’s modernization cost goes up

He said that earlier the project’s cost was nearly $1.3 billion.

"The project will require more expenses than we initially planned,” Gahramanov said. "In August 2016, we suspended the plant’s work for a month and held an assessment with involvement of foreign experts. In the end it turned out that it’s necessary to do more things than it was planned at first, and this will require a bigger volume of investments.”

He went on to add that $80 million have been invested in the project so far.

Modernization of the Heydar Aliyev Baku Oil Refinery is currently being held, and it will be completed by 2020. The refinery’s production capacity will increase from 6 million tons to 7.5 million tons per year after the modernization.

Azerbaijan produced 5.45 million tons of oil products in 2015, as compared to 5.31 million tons in 2014. The country produced 4.02 million tons of oil products in January-September 2016 as compared to 4.14 million tons in the first nine months of 2015.