Baku, Azerbaijan, May 14
By Maksim Tsurkov - Trend:
SOCAR (State Oil Company of Azerbaijan) suspended the implementation of the carbamide plant construction project in Georgia. This is connected with the processes on the oil market, SOCAR vice-president on refining David Mammadov told reporters May 13.
He said that this project must be implemented through self-financing.
"It must be partially financed by entrepreneurs and bank loans," he said. "The sharp drop in oil prices on the world market delays the implementation of SOCAR's some projects in the country. The situation on the Georgian market completely differs from ours. It is quite complicated. The prices on carbamide production in the world sharply reduced. This complicated the financing of the project for Georgia."
"Of course, the country's government is interested in the project implementation as it envisages the creation of new jobs, production of new goods, budget revenues," he said. "At the same time SOCAR does not plan to finance the project exclusively at its own expense. We have already financed a certain part. But the financing from Georgia has complicated. This suspended the project implementation."
The plant was planned to be constructed on the territory of a free industrial zone in Kulevi.
Edited by CN
follow the author on Twitter: @MaksimTsurkov