SOCAR announces starting date for urea sale

Oil&Gas Materials 14 October 2017 15:04 (UTC +04:00)

Baku, Azerbaijan, Oct. 14

By Leman Zeynalova – Trend:

Sales of products of urea plant of Azerbaijan’s state oil company SOCAR in Sumgayit will start at the beginning of the third quarter of 2018, the plant’s Director Khayal Jafarov told reporters in Baku.

“Much will depend on commissioning work, and it is planned to finish the construction before the end of this year,” he said, adding that certain volumes of urea will be produced during the plant’s commissioning.

And this production, he said, will belong to SOCAR.

“Potentially, we will have urea, which can be sold,” the plant’s director added.

According to Jafarov, to date, as part of the project, about 310 million euros out of the loan worth of 500 million, issued by the Korean Eximbank, have been spent.

It should be noted that 251 million euros out of the total volume are financed by the Eximbank, while 249 million euros – by such banks as Unicredit, Societe Generale and Deutche Bank.

The plant will produce 2,000 tons of urea per day. A quarter of products is planned to be supplied to the domestic market. The remaining volume will be exported, in particular to Turkey, Georgia and the markets of the Black Sea and the Mediterranean.

The foundation of the plant was laid by the president of Azerbaijan in December 2011.

Samsung Engineering Co. Ltd. won an international open tender to provide engineering, procurement, construction and pre-commissioning services for the plant.