Baku, Azerbaijan, Apr. 29
By Maksim Tsurkov - Trend:
The SOCAR company (State Oil Company of Azerbaijan) plans to complete the negotiations with the Korean International Cooperation Agency (KOICA) on the issue of financing the construction of a carbamide plant in Sumgait by late 2015, the head of SOCAR Rovnag Abdullayev told reporters April 28.
He said the negotiations have already entered the final stage.
"The negotiations are successful, and we are solving the issue of financing with the Korean agency," said Abdullayev. "We hope that by the end of 2015, the negotiation process will be completed."
He went on to add that most part of the funding has already been spent, the necessary orders made.
"As the construction of a carbamide plant is a strategic project, at the initial stage, its funding came from the state budget," Abdullayev said. "Its further funding will be made at the expense of borrowed loans. The negotiations are at the final stage, and the future funding will be provided by expo credits."
Commissioning of the plant for urea production is expected in late 2016 - early 2017. The general contractor of the construction is Samsung Engineering.
The plant, which will be composed of the sectors producing ammonia, liquid and granulated urea, is expected to produce 2,000 metric tons of urea per day.
Edited by CN
Follow the author on Twitter: @MaksimTsurkov