Azerbaijan plans new polypropylene plant

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, as per abc.az. SOCAR vice president Suleyman Gasimov has stated that the funds raised this year from the issue of eurobonds by the Company will be used partly for the construction of a polypropylene producer plant at SOCAR sub-company Azerikimya. "Approximately US$400 mln out of borrowed US$1 billion will be spent on such projects as development of field Umid, increased oil production on Neft Dashlari field, construction of a new shipyard, a new offshore drilling rig, and a plant on production of polypropylene at Azerikimya,” Gasimov said. SOCAR has wide plans on tanker export of liquid propylene, which it started in 2012.