New chemical plants to be commissioned in 2018 in Azerbaijan
Baku, Azerbaijan, Apr. 26
By Maksim Tsurkov - Trend:
New plants for production of polyethylene and polypropylene within SOCAR Polymer project will be commissioned in 2018 in Azerbaijan, Farid Jafarov, general manager of SOCAR Polymer, said Apr. 25.
He made the remarks during the "Caspian Sea and Central Asia - trade, logistics, oil refining and petrochemicals" conference of Azerbaijan's state oil company SOCAR.
The polypropylene production plant will be commissioned in the first quarter of 2018, and the polyethylene plant - in the third quarter of 2018.
"All contracts have already been concluded," said Jafarov. "SOCAR will supply raw materials for the plants."
Regarding the project's financing Jafarov noted that 40 percent of the project will be financed by share capital, 60 percent - by Russian Gazprombank's loan resources - as part of the project financing, which is being carried out without a guarantee by parent company.
At the initial stage, the plants will produce 120,000 tons of polyethylene and 180,000 tons of polypropylene and the total capacity may reach 570,000 tons by 2021.
Thirty percent of the plant's output will be sent to domestic market, while 70 percent - for export to Turkey, Europe and CIS countries, according to project estimates.
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