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-
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