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SOCAR Polymer to expand opportunities for export of products

Oil&Gas Materials 30 July 2018 16:05 (UTC +04:00)

Baku, Azerbaijan, July 30

By Ilkin Shafiyev – Trend:

SOCAR Polymer LLC company will use the supply channels of Turkish petrochemical complex Petkim to sell its products, CEO of the company Farid Jafarov told Trend.

He noted that, Turkey has been identified as a priority export market for SOCAR Polymer.

"As you know, SOCAR [Azerbaijan state company] is a co-owner of Petkim. We intend to use Petkim's supply chains to sell our products. In general, we have identified the Turkish market as a priority for exports. We consider Russia and European countries as our other markets. In total, about 75 percent of the products will be exported. Negotiations with potential buyers are already underway," Jafarov said.

The CEO also said that in 2019 SOCAR Polymer plans to produce 150,000-160,000 tons of polypropylene. The maximum production capacity of the polypropylene factory within the project is about 180,000 tons of products per year.

The SOCAR Polymer project is being implemented at the Sumgayit Chemical Industrial Park. The factory will produce 19 types of products made of polypropylene and 12 types of products made of high-density polyethylene. 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 of the project are estimated at $816 million. The credit in the amount of $489 million has been allocated to SOCAR Polymer by Russian "Gazprombank" for a period of 10 years.

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Follow the author on Twitter: @IlkinShafiyev

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