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Azerbaijan to set up polypropylene plant
Mar '12
The State Oil Company of Azerbaijan Republic (SOCAR) will be building a petrochemical complex having a capacity to produce 550,000 tons of polypropylene, which is widely used in the textile industry, Vice President of SOCAR, Tofig Gahramanov, has announced.

SOCAR will be constructing the oil and gas processing plant and petrochemical complex at an estimated total cost of €13 billion, near the capital Baku.

While 30 percent of the capital would be invested by the Azerbaijan Government and SOCAR, the remaining amount would be private investment.

The petrochemical complex is likely to be commissioned by 2020. Besides its own thermal power plant, it will have 30 processing plants to process 10 million tons of oil and 10 billion cu m of gas.

Mr. Gahramanov estimated the payback period of the project to be 6-7 years.

He said companies from Japan, Korea, Italy and the US have also shown interest in investing in the petrochemical complex to be set up by SOCAR, which is one of the largest oil companies in the world.

Fibre2fashion News Desk - India

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