State Oil Company of Azerbaijan (SOCAR) has created a new enterprise to manufacture high pressure polymers, SOCAR Vice President for Economic Affairs Suleyman Gasymov told journalists.
He said the enterprise is named SOCAR Polimer and is authorized capital is 51 million AZN. In the future it is planned to sell 49% shares of SOCAR Polimer to big local companies.
"Investments into the enterprise will total $485 million, of which 30% will be invested by SOCAR and 70% will be borrowed from local banks and will be ensured at the expense of issue of securities," Gasymov said.
Polypropylene and polyethylene with various fillers are expected to be used as a raw material for SOCAR Polimer plant. Depending on the used fillers, various types of products could be manufactured.-0-
Economics
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The Azerbaijani parliament has approved the formation of new municipalities through the consolidation of existing ones, aiming to enhance administrative efficiency and local governance. The move, based on amendments to the law on "Joint Activities, Mergers, Separation, and Dissolution of Municipalities," was sanctioned under Article 95 of the Constitution.
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The management of the Baku Metro often announces projects for new underground lines and stations, but official information never includes data on the cost of laying a kilometer of track or building specific metro stations. Journalists sometimes obtain details from unofficial sources, raising doubts about the reliability of such information. For instance, in 2021, an unofficial government source reported a cost of 60 million manats for planned construction of a single station on the Purple Line. This figure excluded finishing works, installation of communication lines, electronics, escalators, and elevators.
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Azerbaijan’s livestock sector has demonstrated modest growth in domestic production, yet it faces significant challenges as imports of meat and dairy products surge. Recent data from the State Statistics Committee underscores this dichotomy, revealing increases in local output but an even sharper rise in imports, accompanied by persistent price inflation.
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