SOCAR Polymer to build polyethylene plant in Azerbaijan

SOCAR Polymer, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has signed a contract for the construction of a polypropylene plant at the Sumgait Chemical Industrial Park (SCIP/SKSP).

 

SOCAR Polymer’s project director Emil Eminov said that the agreement on the construction of a plant for production of 180,000 tons of polypropylene a year within the framework of SKSP project is worth $350 million.

"Under the agreement, the plant will be built turnkey at a fixed price, and Maire Tecnimont should transfer it to us by the end of 2017," abc.az cited him as saying.

"Construction works could start in August or September 2015," Eminov added.

SOCAR has a 51% stake in SOCAR Polymer, and the rest of the shares in it belong to the largest private holdings of Azerbaijan - PASHA Holding, Gilan Holding and Azersun Holding.