Azerbaijan has decided to build a new oil refinery. Economy Minister Mikayil Jabbarov announced the project will be completed in 5-6 years.
The refinery will meet modern industrial and environmental standards. It will boost fuel production and expand petrochemical exports.
Energy expert Zafar Valiyev notes that SOCAR's export capacity will increase. He emphasizes that SOCAR's total refining capacity will reach 30 million tons per year.
Economist Asif Ibrahimov points out that the project will strengthen financial capabilities: "It will reduce import dependence and increase export potential."
The new refinery will create jobs and develop local industry. However, global energy transition and competition risks must be considered.
