The head of the state company Azerikimya Majid Karimov said that the first phase of the construction of a new complex producing petrochemical products and fertilizers is estimated at $6 billion, according to Trend.
The complex presupposes the construction of 19 plants, 10 of which will be built during the first phase.
He said that during the first phase, $2 billion will be supplied by the investors, and the remaining money will be attracted against credit resources, which are expected to be attracted from banks and export-import agencies, and in particular, from the British Export-Import Agency and the American Export-Import Bank. Subsequent phases will be realized by profits.
A tender has been already announced in order to establish the banks to participate in the financing of the project. The syndication has been organized by the French Societe Generale, which is also a project financial consultant. 30% will be provided by investments, while 70% will be constituted by loan funds.
Simultaneously, according to Kerimov, a report on the project’s impact on the environment is being worked out. This process began in November last year. Its completion is expected by the middle of 2010. The report is being worked on by the British company ERM. The finished report will be submitted to the banks engaged to participate in the syndication.
Kerimov also said that to meet the plants’ requirement for raw materials, a 60-kilometer-long pipeline from the gas processing plant of the company SOCAR (State Oil Company of Azerbaijan Republic) will be laid.
Europe, India, Turkey and South-East Asia are considered future markets for the production sales. The complex will be designed to produce 700 thousand tons of polyethylene of high and low pressure, 130 thousand tons of polypropylene, 40 thousand tons of benzene, 110 thousand tons of styrene and other petrochemical products.
New Azerbaijani petroleum-chemical complex to be worth over $6 billion
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