On December 13, 2014 in Baku State Oil Company of Azerbaijan (SOCAR) and Gasprom bank signed the agreement to allot $420 million worth credit for construction of SOCAR Polymer plant.
SOCAR press office reported that the agreement has been signed by SOCAR President Rovnag Abdullayev and Andrei Akimov, chairman of Board of Gasprombank.
“The credit was allotted for 10 years without guarantees, which shows that Azerbaijan and SOCAR – locomotive of the oil and gas industry - enjoy confidence,” said Akimov.
The bank has also opened a credit limit to the amount of $2 billion for SOCAR.
The plant, which is going to be built on the territory of the Sumgait chemical industrial park, will manufacture 200,000 tons of polypropylene and 120,000 tons of polyethylene a year.
In early July 2014 Zaur Mammadov, Deputy Director of the Sumgait chemical industrial park, told journalists that construction of SOCAR Polymer plant will begin at the end of this year and will be completed in two years.
It was initially planned that construction of the polymer plant will cost $335 million. The technologies of Lyonell Basell Industries company will be applied at the plant.—0—
Economics
-
Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
-
Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
-
The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
-
On September 6, the State Oil Company of Azerbaijan (SOCAR) has announced a partnership with American oilfield services firm Halliburton to conduct research aimed at reassessing the hydrocarbon potential of the shallow-water section of the Guneşli field.
Leave a review