"The total project costs $750 million,” he said. “Some 40 percent of these funds are financed through the equity, 60 percent - loans of Gazprombank as part of project financing without guarantees from the parent company. The guarantee is the project."
He said that both plants as part of the project will be ready for commissioning in 2018.
"Our target market is Turkey,” he said. “SOCAR (State Oil Company of the Azerbaijan Republic) owns 30 percent on the petrochemical market. We are also considering the possibility of implementing new oil refining projects."
SOCAR Polymer’s project is being implemented at the Sumgait Chemical Industrial Park. The project will allow producing 180,000 tons of polypropylene and 120,000 tons of polyethylene a year.
It is expected to start the production of polypropylene in 2016 and the production of polyethylene in 2017. The main part of the products is to be sent to the markets in Turkey and Western Europe.
SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. The company is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.
It includes production associations Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical industry enterprises) and Azerigaz.
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