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17.08.2016 14:15

SOCAR polymer draws third of Gazprombank credit

SOCAR Polymer project, which envisages construction ofpolypropylene and polyethylene plant in Azerbaijan, has so far drawn about a third of funds from the credit issued by the Russian Gazprombank, a source in the petrochemical industry told Trend.

Socar Polymer has already drawn some $150 million from the credit worth $489 million, while the funds were received withinseveral tranches. The funds were used up for the implementation of engineering processes, purchase of equipment and construction works within the framework of EPC-contract (Engineering, procurement and construction).

We have recently started welding procedure. The works on both projects are implemented according to schedule and within the scope of the planned budget, the source said.

The source also mentioned that construction works have already started in the plant on the production of high-density polyethylene.

Being located in the territory of Sumgayit chemical industrial park, which is located 30 kilometers north of the capital city Baku, the project is expected to contribute to expanding the national economy of the country.

The Sumgait Park, which provides a number of significant privileges for its residents, is expected to become a major new petrochemicals hub in the region.

Along with being the first of its kind and scale in the petrochemical industry of Azerbaijan over the past 40 years, Socar Polymer is considered to be the project of international standing.

The plant on the production of polypropylene is scheduled to be put in commission in the first quarter of 2018, while polyethylene plant is expected to be commissioned in the third quarter.

The annual producing capacity of plants upon completion of the project will reach 180,000 tons of polypropylene and 120,000 tons of high density polyethylene. The figure may increase up to 570,000 tons of output by 2021.

Currently, Azerbaijan exports low-density polyethylene and imports high -density one.

The products of the SOCAR Polymer will be used for the production of high pressure gas, sewage and water pipes, packaging, textiles, stationery, automotive components, electronic and electrical appliances, and medical industry.

As much as 30 percent of the production output will be directed to the domestic market while the remaining 70 percent will be exported to CIS, Turkey and other European countries.

SOCAR Polymer was incorporated on July 16, 2013 in order to reinforce development of chemical industry of the country.

Gazprombank granted a ten-yearloan for the project in June 2015.The project is expected to generate approximately 60 permanent jobs when it starts operation.

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