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-
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