SOCAR is waiting for the Georgian Economy Ministry to give the status of industrial zone to the area, where it is going to build a carbamide plant, reported Georgian Kommersant radio citing employees of the SOCAR representation in Georgia.
The company has already requested the Georgian government to give a status of a free industrial zone for construction of the plant.
"We plan to get the status this year. This will let us to determine the territory of the future plant, create infrastructure and start work for future construction," the company said.
SOCAR will build a carbamide plant between Poti and Kulevi ports on the Black Sea coast. Construction will begin in 2013. It is planned to build two identical plants in Azerbaijan and Georgia.
The carbamide production plant, which is under construction in Sumgait city, 35 km north of Baku, will make 700,000 tons of products a year and as soon as the country's need in this product is satisfied, part of carbamide will be exported to the Black Sea markets. Considering the volume of carbamide, which will be made in Georgia, SOCAR intends to bring about 1 million tons of carbamide to the Black Sea market. --0--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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