SOCAR Polymer increases export by more than 18 times

SOCAR Polymer exported products worth $72.2 mln in January-November of this year, Report says, citing the December edition of the Export Review prepared by the Economic Reform and Communications Analysis Center.

This figure marks an increase of $68.2 mln or 18.95% over the same period last year.

SOCAR Polymer is the first company in Azerbaijan's petrochemical industry, based on the partnership between the state and private sectors. The SOCAR Polymer project includes plants producing polypropylene with a yearly capacity of 180,000 tonnes and high-density polyethylene with an annual capacity of 120,000 tonnes. The polypropylene plant was inaugurated on July 18, 2018, with the participation of President of Azerbaijan Ilham Aliyev and President of Italy Sergio Mattarella.

The project is estimated at $816,000,000 (including VAT). It produces polypropylene and high-density polyethylene.