SOCAR Polymer plants to pay $ 460 million in VAT to state budget

Baku. 23 July. REPORT.AZ/ In the period of operation of plants for the production of polypropylene and high-density polyethylene, SOCAR Polymer, according to preliminary estimates, will pay a $ 400 million profit tax and a $ 460 million tax on the state budget.

Report informs citing the company, during the operation of plants revenues are expected to be $ 6.3 billion.Of this amount, 30% will be the company's net profit.

SOCAR Polymer plants will fully satisfy the demand in the domestic market, and 75% of the products will be exported to the markets of Turkey and Europe. SOCAR Polymer plants will fully meet demand in the domestic market, and 75% of the products will be exported to Turkey and Europe. It is noted that more than 3 thousand people were involved during peak periods of construction. To date, more than 17 million man-hours have been performed on construction sites without injuries or accidents.

SOCAR Polymer plants will produce 19 types of polypropylene and 12 types of high-density polyethylene: : "Many small and medium-sized enterprises that use these products as raw materials will create an industrial cluster around the plants. There are a number of local companies among potential buyers of SOCAR Polymer's products".

SOCAR Polymer was established in July 2013 by SOCAR to accelerate the development of the chemical industry of Azerbaijan, and on September 23 of the same year it was registered as a resident of the Sumgayit Chemical Industrial Park.

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. It will produce a total of 300 thousand tons of products per year, including 180 thousand tons of polypropylene and 120 thousand tons of high density polyethylene.

Polypropylene plant was opened on July 18 with participation of Azerbaijani President Ilham Aliyev and Italian President Sergio Mattarella.

It is expected that the plant for production of high-density polyethylene will be put into operation in the fourth quarter of this year.