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Azerbaijan plans new polypropylene plant
May '13
The State Oil Company of Azerbaijan (SOCAR) is planning to produce polypropylene at a new plant to be set up at SOCAR sub-company Azerikimya Production Union. 
Funds raised in 2013 through Eurobonds by the company will be utilized for the construction of this plant along with other projects of the company, stated Suleyman Gasimov, the SOCAR Vice President of Economic issues, abc.az reported.
Mr. Gasimov said that out of US$ 1 billion borrowed by the company, US$ 400 million is assigned for various expansion projects, including the polypropylene production plant at Azerkimya.
Polypropylene, a petrochemical by-product, is widely used in the textile industry as a raw material for making acrylic staple fibre, used in making blended fabrics.
SOCAR also plans to develop tanker export of liquid propylene, started in 2012.
In addition to exploring oil and gas fields, SOCAR produces, processes, and transports oil, gas, and gas condensate; markets petroleum and petrochemical products in domestic and international markets; and supplies natural gas to industry in Azerbaijan.
It has three production divisions, two oil refineries and one gas processing plant, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions.
Moreover, the company has also entered into joint ventures in Georgia and Turkey. 

Fibre2fashion News Desk - India

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