STP is preparing for the production of rebar
Sumgait Technology Park (STP) has started pilot production of steel reinforcement. Mass production will begin within one month - a source in LLC STP told Turan.
Melting steel and rebar rolling is carried out on the production facilities of the enterprise. Raw materials are harvested mainly in Sumgait: from the Soviet legacy they inherited plants that today are only suitable for scrap metal.
Fittings will be used only to meet the needs of the LLC Azenco - Property Sumgait Technology Park. "Before construction valves were bought in Georgia and Baku Steel Company and there were some interruptions. It was decided to establish its own production," they said in the STP.
In Sumgait Technology Park operates a plant for processing steel. On the basis of imported steel sheets finished metal will be produced.
In STP today operate 13 factories for the production of electrical cables, industrial gases, copper and aluminum profiles, solar panels, sandwich panels, electronic appliances, steel and plastic pipes, electrical and heavy engineering plant, precision mechanics, pressing, etc. The number of plants is projected to reach 30. The Industrial Power Park is 250 000 m2. The company occupies 250 hectares. The enterprises of STP employ about 4 000 people.
During the eight months of this year Azerbaijan produced 137,200 tons of rebar, which is 18.6% less than in the comparable period of 2013. --08B--
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review