Gazprombank Group’s company to deliver nitrogen unit for SOCAR Polymer company
Baku, Azerbaijan, June 18
By Azad Hasanli – Trend:
Cryogenmash company, included in Gazprombank Group, will develop and deliver a nitrogen unit for the construction project of SOCAR Polymer company’s plants for the production of polypropylene and high density polyethylene, Gazprombank said June 17.
The corresponding agreement was signed by Rovnag Abdullayev, president of the Azerbaijani State Oil Company (SOCAR) and Andrey Akimov, chairman of board of Gazprombank as part of the St. Petersburg International Economic Forum.
The unit will meet SOCAR Polymer’s needs for high-purity nitrogen gas during the project implementation.
"Signing of this agreement is an example of strategic partnership and cooperation between Gazprombank Group and SOCAR Group," Abdullayev said.
According to the message, the unit is based on the most advanced technical and engineering solutions in the industry, which are reducing the capital costs and ensuring more cost-effective modes of operation compared to the equipment of the leading foreign companies.
SOCAR Polymer project is implemented in the Sumgayit Chemical Industrial Park.
The polypropylene production plant will be commissioned in the first quarter of 2018, and the polyethylene plant – in the third quarter of 2018.
At the initial stage, the plants will produce 120,000 tons of polyethylene and 180,000 tons of polypropylene and the total capacity may reach 570,000 tons by 2021.
Thirty percent of the plant’s output will be sent to domestic market, while 70 percent – for export to Turkey, Europe and CIS countries, according to project estimates.