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 has announced, as per fibre to fashion.com. 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. 30% of the capital would be invested by the Azerbaijan Government and SOCAR, and 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.