Financing for new petrochemical complex and fertilizer enterprise in Azerbaijan

Azerbaijan's national chemical operator state-run company Azerikimya, seems close to realization of project of construction of a petrochemical complex and a fertilizer factory in Azerbaijan. France's Societe Generale has launched organization of financing for the project. Jointly with the French bank, in Azerbaijan is preparing conditions of the tender procedure for financing. The potential partners then apply to their countries' export and import agencies to receive financing. The UK Export Credits Guarantee Department is considering the issue of financing for the project. Work on drawing of investors is underway as well. ERM has been shortlisted to make an environmental impact assessment report. It has already started to initial estimates on which the volume and terms of two other stages of EIA will depend. Originally investment cost of the project was estimated at US$5.5 bln. Construction term was expected to be 4 years before the launch of output production and period of recoupment 3 or 4 years. It is considered that due to high rate of return on capital, the project is attractive for investors. In September 2008, Azerikimya signed similar agreements with companies Exxon Mobil, Bassell, KBR, Technip, Ineos Thysenn Krupp and Uhde. The new complex, including 19 factories, will be designed for manufacture of 700,000 tons of HDPE and LDPE, 130,000 tons of polypropylene, 40,000 tons of benzene, 110,000 tons of styrene and other petrochemicals.
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