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Russian company lays foundation of polymer manufacturing plant in Azerbaijan

Economy Materials 16 March 2023 10:27 (UTC +04:00)
Russian company lays foundation of polymer manufacturing plant in Azerbaijan
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, March 16. The work on laying the foundation and basement of the plant for the production of polymer construction materials, PENOPLEX LLC, has been completed in Azerbaijan, and the installation of metal structures is underway, Director of the company Rashad Rahimov said during an excursion on the construction site, Trend reports via the trade representation of Russia in Azerbaijan.

"After putting the plant into operation, about 100 jobs will be created. The volume of output after the launch of the first stage of production will be 80,000 cubic meters of products per year. It is expected to use both Russian and local raw materials. The enterprise will meet the needs of the local market for thermal insulation from extruded foamed polystyrene, as well as export products to neighboring countries," said Rahimov.

The Russian PENOPLEX company obtained the status of a resident and is implementing an investment project worth $10 million to create a production of polymeric construction materials.

In addition, the plant of Azermash JSC is also successfully operating in the Hajigabul industrial estate, which carries out the SKD assembly of GAZ commercial vehicles.

The status of a resident of an industrial estate allows manufacturers of industrial products to receive the following benefits and privileges: exemption for 7 years from property tax, land tax, corporate income tax, VAT, and customs duties on imported equipment; the minimum rent for land and buildings; and simplification of administrative procedures.

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