SOCAR Polymer announces expected revenues for entire period of activity

Baku, Azerbaijan, July 24

By Ilkin Shafiyev – Trend:

The revenues from the activities of SOCAR Polymer plants for the entire period are estimated at $6.3 billion, the company told Trend July 23.

It is noted that, about 30 percent of this amount will fall to the share of the company's net profit.

"According to initial estimates, the activities of both SOCAR Polymer plants will increase export revenues of the non-oil sector of Azerbaijan by 19 percent, while the GDP of the Absheron economic region will increase by 15 percent. It is expected that during the period of operation of the plants, $400 million of income tax, $460 million of value added tax will be paid to the state budget. The manufactured products will fully cover the needs of the domestic market. Most of it - 75 percent will be exported to Turkey and the EU," the company said.

The SOCAR Polymer project is implemented at the Sumgayit Chemical Industrial Park. The production capacity of SOCAR Polymer at the first stage will be 120,000 tons of polyethylene and 180,000 tons of polypropylene. The total capacity can reach 570,000 tons of products by 2021.

The plant will manufacture 19 types of polypropylene products and 12 types of high-density polyethylene products. The products will be used, in particular, in the food and medical industry, as well as in agriculture and automobile production.

The total investment costs in the framework of the project are estimated at $816 million.

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Follow the author on Twitter: @IlkinShafiyev

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