In 2015 Kazakhstan intends to launch production of polypropylene in Atyrau district, said Askhat Omarov, chairman of Board of the United Chemical Company, at the International Chemical Forum in Moscow.
Polypropylene production is a part of the Integrated Gas Chemical Complex Phase 1 project in Atyrau district. The Phase 1 is operated by Kazakhstan Petrochemical Induatries Inc, a joint venture of the United Chemical Company (51%) and SAT&Company (49%).
Omarov did not specify capacities of the complex. It was earlier reported that it will be 500,000 tons a year. Omarov said that work on FEED documents is coming to the end. Investments into the Phase 1 of the proejct will total $2.03 billion, of which 24% are funds of the project partners and 76% are loans.
The Phase 2 of the project envisages creation of the polyethylene production with the capacity of 800,000 tons a year. The project investors are LG Chem (50%), SAT& Company (25%) and United Chemical Company (25%). The production is planned to be launched in 2016. Investments into the Phase 2 are estimated at $4,148 billion, of which 30% are investors’ own funds. EPC contract was signed on the Phase 2 of the project with the consortium Petrofac (UK)- GS (Korea) and Linde (Germany). –0—
Economics
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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