Azerbaijan, China ink MoU on SOCAR GPC project

Azerbaijan, China ink MoU on SOCAR GPC project
Azerbaijan and China have signed a memorandum of understanding (MoU) on SOCAR GPC project, said the message from SOCAR GPC company.

The document was signed during the high-level international forum held as part of the ‘One Belt – One Road’ strategy in Beijing.

The MoU was signed by President of Azerbaijan’s state oil company SOCAR Rovnag Abdullayev, chairman of China National Petroleum Corporation (CNPC) Wang Yilin and head of the China Development Bank Hu Huaibang.

The forum, which kicked off May 14, was attended by heads of state and government of 29 countries, representatives of public and private sector from 110 countries, shareholders and representatives of over 60 international organizations.

The GPC project envisages construction of gas processing and petrochemical complex 15 km away from Baku by the Azerbaijani state oil company SOCAR. The capacity of the complex will be around 10 billion cubic meters of gas per year.

The cost of the project is around $4 billion.