New chemical plant to be constructed in Azerbaijan (UPDATE)
Details added (first version posted on 13:34)
Baku, Azerbaijan, Apr.15
By Maksim Tsurkov - Trend:
The construction of a polypropylene production plant in Sumgait Chemical Industrial Park will start in late August - early September 2015, Emil Eminov, manager of SOCAR Polymer project told reporters Apr.15.
He said the contract signed with Italian Maire Tecnimont company in Baku on Apr.15, envisages clear timeframe for carrying out the work.
The following tasks are envisaged within the 350 million euros worth contract: rendering full technical services, material and technical supply, installation work and construction activities till the plant's commissioning, as well as the operational trial.
"It is planned to commission the plant in late 2017 and a year later, we expect to launch the polyethylene plant as well," said Eminov.
Furthermore, he said that invitations will be sent to companies for participation in the tender in the near future. ""We officially send the technical requirement to companies, based on which, they will make assessments and put forward proposals."
Eminov added that the total cost of the project is around 700 million euros.
"We are talking about two plants and a general economic complex," he said, adding that 40 percent of the expenditures on the project will be financed by the local founders [SOCAR, Gilan Holding и PASHA Holding], while the remaining part will be financed with the 420 million euros worth foreign loan. It should be noted that the agreement on this loan was signed with Gazprombank in December 2014.
"It is expected that the bank will start financing the project in June," Eminov added.
The implementation of this project will allow to produce 180,000 metric tons of polypropylene and 120,000 metric tons of polyethylene per year. It is planned to export the major part of the products to Turkey and West European countries.
Edited by SI
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