SOCAR closes down large refinery in Baku
25.12.2014 16:03
Azerbaijan’s state energy company SOCAR has decided to close down one of its two refineries in the country.
The Soviet-era Azerneftyag refinery in Baku will be shut down as from January 1 and merged into the Heydar Aliyev refinery, the company said in a statement.
The closure and merger is part of a strategy to optimize management and cut costs, SOCAR said.
Azerneftyag has a capacity of processing 2 million tons of oil a year. It mostly produces bitumen and lubricants. The plant employs more than 2,000 people, part of whom will be made redundant.
The Heydar Aliyev refinery, which will increase its capacity and staff after the merger, will operate until 2030, when it too will be closed down.
SOCAR plans to complete the planned Oil and Gas Processing and Petrochemical Complex by 2030.
ANN.Az
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