A meeting was organised in Baku by the SOCAR state oil company to present the new Alat petrochemical hub project. Various plants (refinery, gas treatment and petrochemical unit) are to be phased in between 2015 and 2023, with investments envisaged to amount to USD 17 billion. The first project phase is estimated at USD 8.5 billion. Contract bidders include Saipem (competing with Korea’s Hundai), Technip Italia (a consortium with the American Bechtel), JGS and Korea’s Samsung. The bidding will open in the beginning of the second quarter of 2015 (roughly March-April) and awards will not be announced until early 2016. Consultant for the bidding package is the American firm Fluor Daniel.