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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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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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