For the period until 2050, investments in the development of ACG will amount to 43 billion dollars, the total volume of oil production in 2017-2049 is planned at more than 500 million tons. SOCAR first vice-president Khoshbakht Yusifzade said at the 3rd SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku April 23.

The vice-president also said that SOCAR accounted for 56.6 percent of oil produced from ACG. “About 700 million tons of oil were produced during the period of Azerbaijan’s independence, 460 million of which fell to Azeri-Chirag-Gunashli and Shahdeniz fields. The share of SOCAR was 240 million tons,” Khoshbakht Yusifzade said.

“As you know, a memorandum of intent was signed on promising structure of D230. And within the framework of the defining commercial framework, a basic agreement was signed. In the near future an agreement will be signed between BP and Azerbaijan’s SOCAR on development of this structure,” BP-Azerbaijan vice-president Bakhtiyar Aslanbayli said.

“Last year about 70 representatives of foreign countries took part in this forum, this year their number reached 120. Secondly, we will discuss a new topic – logistics. As you know, Azerbaijan has already become a global logistics transit center. From this point of view, discussions will be held, thus, the theme “logistics” is a new topic of our panel session,” Rector of Baku Higher Oil School Elmar Gasimov said.

During the first three days of the forum, nearly 40 speakers from 30 countries will make presentations and provide an overview of petrochemical industry in Azerbaijan and other Caspian countries, prices and target markets for oil and oil products, and gas production prospects and export routes. The delegates will also focus on commercial positioning and prospects for development of refining facilities, analyze supply and demand for petrochemical products, and discuss current markets and potential export routes for them from the region.

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