Italian group Maire Tecnimont has secured contracts for the modernization and reconstruction of Heydar Aliyev Oil Refinery in Baku, Azerbaijan.
SOCAR, the State Oil Company of Azerbaijan Republic, has awarded two engineering, procurement and construction contracts for the project.
The contracts worth $160m have been awarded to Maire Tecnimont’s subsidiaries Tecnimont and KT – Kinetics Technology.
Under the contracts, the companies will be responsible for the installation of three new generation refining units at the Heydar Aliyev facility.
The refining units are considered as key to upgrade the quality of gasoline to the EURO-5 standard.
Maire Tecnimont Group CEO Pierroberto Folgiero said: “We are really honored to put once again our technological expertise at the service of an historical and prestigious client such as SOCAR, thus consolidating our successful, longtime collaboration aimed at unlocking greater value in Azerbaijan’s downstream value chain.
“This achievement lets us foster a mutually beneficial relationship and paves the way to future growth, confirming the reliability of our technology-driven strategy.”
Tecnimont and KT-Kinetics Technology are already jointly working on an earlier awarded EPC contract at the oil refinery.
Under the new contracts, the projects are expected to be completed respectively within 33 months and 26 months from the signing date.
The contracts are expected to allow Maire Tecnimont Group to further consolidate its industrial footprint in the strategic Azerbaijani market.
Maire Tecnimont stated: “Moreover, it confirms the orientation of the Group to leverage its distinctive competencies, technological know-how and synergies between its EPC contractors.”