Azerbaijan will seek an adviser to help secure from foreign lenders two-thirds of the $15 billion that the third-largest oil producer in the former Soviet Union needs to build a planned petrochemicals complex.
The country will “soon” tender for the post, which will involve negotiating with lenders over the complex, to be built near the capital of Baku, Tofiq Qahramanov, a vice president at the State Oil Co. of Azerbaijan, said in an interview. He didn’t give the exact timing of the tender or name potential lenders.
The nation will provide the rest of the funds for the site, which will take the rest of the decade to complete and be able to turn 10 billion to 15 billion cubic meters of natural gas a year into products such as propane and butane, Qahramanov said. The refinery at the development will have the capacity to process 10 million metric tons of crude annually, he added.