Baku. 16 November. REPORT.AZ/ Total revenues from the exports of finished products for the entire period of activity of plants for production of polypropylene and high-density polyethylene of the SOCAR Polymer in Sumgayit are expected to reach $ 8 billion.
Report informs, Rovnag Abdullayev, President of SOCAR (the State Oil Company of Azerbaijan Republic) said at the business lunch in Baku organized by the American Chamber of Commerce (AmCham) in Azerbaijan.
He noted that the plants under construction will be put into operation in 2018.
SOCAR Polymer was jointly established by the SOCAR, Pasha Holding, Gilan Holding and Azersun Holding. The company was established in July 2013 to accelerate the development of chemical industry in Azerbaijan. Over last 40 years, SOCAR Polymer according to its type and level is the first analogical project in the petrochemical industry.
The plants of the company are being built on the site of the Sumgayit Chemical Industrial Park created pursuant to the order of President of the Republic of Azerbaijan Ilham Aliyev. The park supports innovation industry initiatives in Azerbaijan through one window approach to extensive tax incentives, full infrastructure support, as well receiving all permits. Two facilities of SOCAR Polymer will produce 180,000 tons of polypropylene and 120,000 tons of high-density polyethylene each year.