The Sumgait Chemical Industrial Park (SKSP) has been founded by a decree of Azerbaijani President Ilham Aliyev, ABC reports.
According to the decree, the SKSP will support in forming infrastructure for businessmen, produce competitive products using advanced technologies. Petrochemistry will be the priority of the new park. It will be a limited liability company of the ministry for Economic Development.
The ministry will determine the schedule, expenses, executives, supervisors and development. The State Committee for Property Affairs will approve the charter capital and its changes, formation of branches and offices. The Azerbaijani president will decide on organization of the park
The Cabinet was ordered to provide the Ministry for Economic Development with 167.66 hectares of land in 3 months, used by the Azerikimya of the State Oil Company of the Azerbaijani Republic (SOCAR). The State Customs Committee was ordered to work on the tax aspects of the park.
The reserve fund will provide 2 million manats for development of the SKSP, including infrastructure, organization of offices, consulting, research laboratories, training. There will be beneficial credits and other advantages for the park.
