BAKU, Azerbaijan, June 30
By Nargiz Ismayilova - Trend:
The State Oil Company of Azerbaijan (SOCAR) increased its equities in several subsidiaries in 2019, Trend reports referring to the company’s consolidated financial report.
In particular, SOCAR increased its share in its subsidiary SOCAR Polymer from 52.15 percent to 57.01 percent.
Furthermore, the company raised its share in the Baku Shipyard from 70.21 percent to 87.47 percent, said the report.
SOCAR Polymer LLC produces high density polypropylene and polyethylene and is one of the largest investors among residents of the Sumgayit Chemical Industrial Park. In 2019, it exported about 77,000 tons of polypropylene and more than 7,000 tons of high density polyethylene.
It was founded on July 16, 2013, in order to reinforce the development of the chemical industry of the country.
Its production facilities consisting of Polypropylene (PP) and High Density Polyethylene (HDPE) plants are located within the territory of the Sumgayit Chemical Industrial Park. The PP and HDPE plants were put into operations in 2018 and 2019, respectively. The annual production capacities of these plants are 184,000 and 120,000 tons respectively.
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