Today the company SOCAR-Polimer and the group of companies Maire Tecnimont SpA (Italy) signed a contract for design and construction (Engineering, Procurement and Construction, EPC) of a polypropylene plant in Sumgait.
Construction of the plant will be led by the Italian company Tecnimont SpA and Kinetics Technology SpA (KT) (part of the group of companies Maire Tecnimont SpA).
The total contract value amounts to 350 million Euros.
The plant's capacity will be about 180 thousand tons of propylene per year. This will be the first plant to produce polypropylene in Azerbaijan. As raw materials, the enterprise will use propylene obtained by cracking naphtha.
As CEO of SOCAR-Polimer Emil Eminov told the media, construction of the plant will begin in late summer of this year, and according to the schedule, completed in late 2017. It is planned that 70% of the finished product will be exported, and the rest supplied to the local market. The Sumgayit chemical and industrial park and the technology park will produce a wide range of products from polypropylene needed for the domestic market.
Maire Tecnimont SpA is a leading global company in the field of engineering, construction, technology development, licensing, energy and joint ventures with a focus on the industrial production of hydrocarbons (oil and gas, petrochemicals and fertilizers) as well as in energy and infrastructure projects.
The group of companies is included in the register on the Milan Stock Exchange, has operations in more than 30 countries, controls more than 45 companies and employs approximately 4,500 people.
SOCAR-Polimer was established by SOCAR (State Oil Company of Azerbaijan) with the authorized capital of $ 100 million. SOCAR owns 51% shares of this company, while the remaining 49% is owned by local companies (Pasha Holding, Gilan Holding and Azersun Holding). -12C--
Economics
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