Baku, Azerbaijan, April 24
By Emil Ismayilov - Trend:
The authorized capital of SOCAR Polimer, which was established as part of the development of polymer production in Azerbaijan, has been raised from 51 to 100 million manats, SOCAR vice president on economic issues Suleyman Gasimov told journalists on April 23.
"SOCAR has already transferred 25.5 million manats as other shareholders, the staff of which has already been formed, as part of increasing the authorized capital," he said.
The State Oil Company, which is a 100 percent plant founder, planned to sell 49 percent (51 million manats) of the authorized capital to the private companies.
SOCAR planned bond issue on the domestic securities market to finance the construction of "SOCAR Polimer" plant in the Sumgait Chemical Technology Park.
Gasimov said that the securities may be issued this year.
While answering the question about the amount of the bond issue, SOCAR vice-president said that it was initially planned to issue the bonds worth 100 million manats with a total project cost of 480 million manats.
The configuration of new facility construction is determined by the needs of the market.
The financial indices as part of this project may be approximately at the level of the previously planned ones.
Translated by NH
Edited by CN