BAKU, Azerbaijan, June 1. SOCAR Polymer may consider the issue of increasing production capacities in the medium term (three-five years), Deputy Director General of SOCAR Polymer for Financial Affairs Rauf Guliyev told Trend.
According to Guliyev, the capacity for the production of polypropylene per year is 184,000 tons, and high-density polyethylene - 120,000 tons per year.
"In 2020, our plant sold its products for $120 million, and in 2021 - for $280 million (an increase of more than 2.3 times). Nearly 90 percent of the manufactured products are exported, and the remaining 10 percent - used for the needs of the domestic market,” he said. “Taking into account the profitability of our products in world markets, the demand for them grows from year to year. The main importers of the products are such countries as Turkey, Russia, some other CIS countries and European countries. Totally, the products are exported to more than 13 countries.”
The official stressed that since 2021, SOCAR Polymer has significantly increased production of polypropylene.
"Along with an increase in production, work is underway to diversify exports. From time to time, we carry out work to popularize our products in various markets. Work is underway to certify our goods for export to markets some European countries," Guliyev noted.
Speaking about the problems faced by SOCAR Polymer during the COVID-19 pandemic, he emphasized the significant reduction in the cost of production, as well as the disruption of the supply chain, which is still observed.
"Starting from 2021, the product prices have stabilized, while logistics-related problems still remain," added the official.
SOCAR Polymer was founded in 2013. The main shareholder of the company is the State Oil Company of Azerbaijan SOCAR (51 percent). The leading holding companies of Azerbaijan are also shareholders of SOCAR Polymer.