'SOCAR Polymer' project to bring 11 bln USD to Azerbaijan

Baku. 23 May. REPORT.AZ/ Polypropylene and polyethylene plants of "SOCAR Polymer" to generate revenues of 10-11 bln USD. Report informs referring to the official website of the company.

According to the information, 30% of this amount will be a net profit.

During the construction period 1 200 will be employed, and 300 more after the start of operation.

Total investment cost of the " SOCAR Polymer" project is 750 mln USD.

SOCAR Polymer was established by the State Oil Company of Azerbaijan, the equity capital of which is $100 million. Since late 2013 SOCAR has owned 51% shares of this company, while 49% are owned by Pasha Holding, Gilan Holding and Azersun Holding.

Over the last 40 years, SOCAR Polymer according to its type and level is the first project in the petrochemical industry.

SOCAR Polymer was created on July 16, 2013. The plants of the company are being built on the site of the Sumgayit Chemical Industrial Park created on the basis of the Order of President of the Republic of Azerbaijan Ilham Aliyev.

The Sumgayit Polypropylene plant will be the first of its kind to be realized in Azerbaijan, enabling the country to grow its petrochemical industry entering the production of this segment of plastics market. Polypropylene is a basic product used for several consumer goods in a wide variety of applications, such as packaging, textiles, stationery, automotive components, electronic and electrical appliances, and several other uses.

Plant is located within SCIP (Sumgait Chemical Industrial Park), which supports innovative industrial initiatives in Azerbaijan via extensive tax exemptions, full infrastructure support and single window approach on all permitting issues.