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«SOCAR Polymer" can be offered to Japanese
One of the projects that have been proposed in Baku to Akira Amari, the Minister of Economic Recovery, Taxes, and Social Security Reform, the Minister of State for Economic and Financial Policies of Japan, could become «SOCAR Polymer". On the eve of the visit of the Japanese delegation, headed by Akira, on October 25 the President Ilham Aliyev took part in the groundbreaking ceremony of the high-density polyethylene plant in Sumgait, which will require $750 million investment. The same day, during the ceremony of commissioning new installation for ethylene-propylene plant in the Production Association "Azerkimya" the president stressed the visit of his father Heydar Aliyev to Japan in 1998, during which he obtained the acquisition of the steam generator complex, "which was written in the history of the country's petrochemical industry. "
The project «SOCAR Polymer" is the first large-scale project of this kind, which is carried out in the petrochemical industry in Azerbaijan over the past 40 years. It will produce several hundred thousand tons of polypropylene and high density polyethylene; 30 percent of the products will be supplied to the domestic market, and 70 percent - to the markets of Turkey and Evrope.-0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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