The cost of upgrade of the plants of Azerkhimiya company is estimated at $300 million, SOCAR Vice President for Strategic Development Tofig Gakhramanov told journalists.
‘The upgrade has already started and it should be fully completed in 2018-2019. Italian Technip Italy company is involved in the project implementation. The works are estimated at about $300 million,” Gakhramanov added.
He said that ethylene-polyethylene plant of Azerkhimiya must supply the new plants manufacturing high density polyethylene and polypropylene, which SOCAR Polymer company has been building in Sumgait, with ethylene and propylene.
“As the EP-300 installation on the Ethylene-Polyethylene plant is outdated, we need to upgrade the plant to ensure its efficient operation,” said Vice President.
Technip Italy is contractor of Azerkhimiya and it will perform the primary works of detailed engineering and logistics as a part of upgrade of the Ethylene-Polyethylene plant.
Launching of the plants manufacturing polypropylene with the capacity of 180,000 tons a year and high density polyethylene with the capacity of 120,000 tons a year is planned in 2018.—0—
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review