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
-
Azerbaijan Airlines (AZAL) announced on Monday the launch of its first direct flights from Baku to Male, the capital of the Maldives, marking a milestone in the airline's history.
-
Azerbaijani Energy Minister Parviz Shahbazov arrived in Romania on Monday at the invitation of his Romanian counterpart, Sebastian-Ioan Burduja, to participate in the 8th meeting of the Ministers of Azerbaijan, Georgia, Romania, and Hungary. The meeting, scheduled to take place in Bucharest on September 3, 2024, is aimed at advancing the "Strategic Partnership Agreement" focused on the development and transfer of green energy.
-
President Ilham Aliyev of Azerbaijan and First Lady Mehriban Aliyeva on Monday reviewed the ongoing construction at the “Istisu” Medical and Recreation Complex in the Kalbajar district, a key project aimed at revitalizing the region's historic mineral water and health tourism industry.
-
As previously reported, SOCAR began gas supplies to Croatia on September 1.
Leave a review