Projected revenues from SOCAR Polymer announced
Baku. Revenues from export of products as part of the SOCAR Polymer project are forecast to total $8 billion for the whole period of the plants’ activity, said Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR.
Abdullayev made the remarks addressing a reception of the American Chamber of Commerce in Azerbaijan (AmCham) in Baku Nov. 16.
SOCAR Polymer is the biggest petrochemical project in Azerbaijan in the last 40 years, he noted, inform Trend.
“The project, which will be launched in the first half of 2018, will reduce dependence on imports of this type of products, increase export potential and allow diversifying export destinations. Thirty percent of the products are meant for the local market, and 70 percent will be exported to Turkey, Europe and other markets,” said Abdullayev.
Total cost of the SOCAR Polymer project is $750 million. The project is being implemented in the Sumgait Chemical Industrial Park (SCIP). At the first stage, its production capacity will total 120,000 tons of polyethylene and 180,000 tons of polypropylene. The total capacity may reach 570,000 tons by 2021.