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SOCAR Polymer to Become Operational in 2018

SOCAR Polymer, the first public-private partnership in Azerbaijan's oil and gas sector, is expected to be fully operational in 2018.

The project envisages construction of polypropylene and high density polyethylene plants in the country. Total cost of the project is estimated at $750 million. The project is being implemented in the Sumgait Chemical Industrial Park (SCIP) of Azerbaijan.

The production capacity will be 120,000 tons of polyethylene and 180,000 tons of polypropylene at the initial stage. The total capacity is planned to reach 570,000 tons by 2021.

SOCAR Polymer was incorporated on July 16, 2013 in order to reinforce development of chemical industry in the country. The products of the SOCAR Polymer will be used for the production of high-pressure gas, sewage and water pipes, packaging, textiles, stationery, automotive components, electronic and electrical appliances, and medical industry.

Thirty percent of the plant's output will be directed to domestic market, while 70 percent – for export to Turkey, Europe and CIS countries.

Gazprombank granted a ten-year loan for the project in June 2015. The project is expected to generate approximately 60 permanent jobs when it starts operation. As of early November, expenditures within the implementation of the project amounted to $340 million. The overall objective of the project is to monetize the entire volume of chemical feedstock available in the country.

Source: Trend

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