SOCAR Polymer’s polypropylene plant to produce 140,000 tonnes of products this year

Baku. 22 February. REPORT.AZ/ SOCAR Polymer’s polypropylene plant is planned to produce 140,000 tonnes of products this year,  Director General of SOCAR Polymer Farid Jafarov said.

According to Report, he noted that 25,000 tonnes of polypropylene have been exported since October 2018: "Polypropylene is currently sold to Russia, Turkey, Ukraine and Belarus. In the near future, it will be exported to Europe, China and India. The plant has passed all tests and will start to operate in full capacity within 1-2 months."

The SOCAR Polymer project includes the Polypropylene Plant with the annual production capacity of 184,000 tonnes and High-Density Polyethylene Plant capable of producing 120,000 tonnes a year. The Polypropylene Plant was launched on July 18, 2018 with the participation of Azerbaijani President Ilham Aliyev and Italian President Sergio Mattarella. 170 tonnes of polypropylene were exported to Turkey on the initial stage.  Its export was carried out by SOCAR Trading. 60% of the project investment cost was paid from the funds raised from Russia's Gazprombank.

Jafarov noted that the loan repayment started in December 2018 and it will fully be repaid in 6 months.

Shareholders of SOCAR Polymer are SOCAR (52.2%), Vitol (19%), PASHA Holding LLC (9.9%), Ecoland (9.8%), Polimer Investments (5%) and AKKIK (4.1%).