On loan from Gazprom SOCAR is building together with Pasha, Gilan and Azersun a plant amounting half a billion
On 19 June in St. Petersburg within the framework of international economic forum Gasprombank and SOCAR signed an agreement on financing the construction of plants for the production of polypropylene and high density polyethylene in Azerbaijan.
According to the report on the website of Gasprombank, the agreement was signed by head of Gasprombank Andrey Akimov and by the President of SOCAR , Rovnag Abdullayev.
The loan amount will be $489 million for 10 years.
The contract has a total value equal to EUR350 million, and it relates to the realization of a 180,000 t/y (tons per year) polypropylene plant and relevant utilities and off sites facilities on a Engineering, Procurement and Construction (EPC) Lump Sum basis which will be located in the Sumgayit Petrochemical Complex.
The Sumgayit Polypropylene plant will be the first to be realized in Azerbaijan, enabling the country to grow its petrochemical industry entering the production of this segment of plastics market. Polypropylene is a basic product used for several consumer goods in a wide variety of applications, such as packaging, textiles, stationery, automotive components, electronic and electrical appliances, and several other uses. Plant is located within SCIP (Sumgait Chemical Industrial Park), which supports innovative industrial initiatives in Azerbaijan.
SOCAR Polymer, a joint venture between SOCAR, Pasha Holding, Azersun Holding and Gilan Holding has been established in relation with construction of a plant manufacturing polypropylene (PP) and high density polyethylene (PE) products in construction of the PE unit with 120 thousand ton/ year capacity and commencing operation in 2018. Lyondell Basel is the licensor of Polypropylene unit, while Ineos Company is the licensor of the HDPE unit. It is planned to sell the 30% of manufactured products in local market, exporting the remainder to Turkey, Europe and CIS. -02D-
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review