Italian Tecnimont SpA and Kinetics Technology S.p.A. (KT) companies, which are a part of the group of Maire Tecnimont S.p.A. companies, will build the polypropylene production plant in Azerbaijan.
Maire Tecnimont S.p.A. reported that the project worth 350 million Euro will be implemented in Sumgait as a part of the chemical park.
“SOCAR Polymer company has agreed with Tecnimon SpA and KT to implement the contract to design and build the plant for manufacture of polypropylene at the Sumgait chemical park. The official ceremony of signing the contract is scheduled for April 14, 2015 in Baku,” reported the company.
Capacity of the future plant will be about 180,000 tons of polypropylene a year. This will be the first plant manufacturing polypropylene in Azerbaijan. The plant will use propylene received as a result of naphtha cracking as a raw material.
At the end of 2014 SOCAR borrowed $420 million from Gasprombank to build SOCAR Polymer plant. The technologies of Lyonell Basell Industries company will be applied on the plant.
SOCAR Polymer was established by SOCAR with the authorized capital of $100 million. SOCAR holds 51% share of the plant and the remaining 49% share is owned by the local companies.
A group of Maire Tecnimont SpA companies is the world leading company in field of engineering, construction, design of technologies, licensing and creation of joint ventures specializing in commercial production of hydrocarbons (oil and gas industry, petrochemistry and fertilizers manufacture) as well as in field of electric energy and infrastructure projects.—0-
Economics
-
President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
-
Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
-
Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
-
The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
Leave a review