Details added (first version posted at 12:08)
Baku, Azerbaijan, Feb. 5
Azerbaijan's state oil company SOCAR signed a contract Feb. 5 with Italy's Maire Tecnimont SpA for execution of an engineering procurement construction (EPC) contract to build a polyethylene plant.
The plant is to be built as part of the SOCAR Polymer project.
The contract, worth $180 million, was signed by SOCAR President Rovnag Abdullayev and Chairman of the Maire Tecnimont's Board Fabrizio Di Amato.
During a ceremony for signing the contract in Baku Feb. 5, Abdullayev said a facility for high density polyethylene production will start operating in 2016.
The contract stipulates provision of full technical services, logistics, installation and construction works before the plant's commissioning, as well as conducting performance tests.
The SOCAR Polymer project is being implemented at the Sumgait Chemical Industrial Park.
The project will make it possible to produce 180,000 tons of polypropylene and 120,000 tons of polyethylene a year.