BAKU, Azerbaijan, Feb. 4
By Nargiz Ismayilova - Trend:
Azerbaijan’s state oil company SOCAR can ensure the development of a number of industries in the country, Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communications Vusal Gasimli told Trend Feb. 4, answering a question about realizing Azerbaijan’s non-oil export potential.
“We must create an industrial cluster based on polymers produced by SOCAR Polymer plant,” Gasimli said. “Azerbaijan has created advanced production by commissioning SOCAR Polymer LLC. So, 300,000 tons of products will be produced here annually, 70 percent of which will be exported to foreign markets.”
The executive director noted that the transition from production of raw materials to production of finished products allows maintaining a bigger share of value added in Azerbaijan.
“On the other hand, SOCAR Polymer can ensure the development of a number of other industries in the country, creating a multiplier effect,” Gasimli added. “Last year, SOCAR Polymer and SOCAR Carbamide plants played an important role in the growth of Azerbaijani exports. SOCAR Polymer project is expected to bring profit of $6.6 billion. About 30 percent of this income is net profit. From this amount, our budget will receive a profit tax of $400 million and a value-added tax of $450 million will be ensured.”
“We will be able to process the polyethylene and polypropylene of the SOCAR Polymer plant into final products in Azerbaijan itself,” the executive director said.
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