340 mln USD spent in SOCAR-Polymer project so far

Baku. 5 November. REPORT.AZ/ 340 mln USD spent in SOCAR-Polymer project realized on the territory of Sumgayit Chemical Industrial Park. Notably, total investment cost of project is 750 mln USD.

Report informs, General Manager of SOCAR-Polymer Farid Jafarov told reporters.

According to him, 230 mln USD was taken from "Gazprombank". Speaking about the construction of high-density polyethylene (HDPE) plant and apolypropylene (PP) plant F. Jafarov noted that work is continuing on schedule.

Thus, 95% of engineering works, 90% of procurement activities, and 30% of construction works have been completed in Polypropylene plant: "In first quarter of 2018, the plant will start production."

According to F. Jafarov, work on high-density polyethylene plant is by 3-4% ahead of the schedule. He noted that, the project will be completed in summer of 2018, and production will be launched. General Manager said, about 1000 employees work in the company and most of them are locals, especially from Sumgayit city.

Plants together will produce a total of 300,000 tons of products per year, including 180,000 tons of polypropylene and 120,000 tons of high density polyethylene. 30% of production is intended for sale on domestic market, 70% for export to Turkey and Europe.