Azerbaijani company invests US$25 mln in the SOCAR Polymer project

18-Jan-16

Azerbaijani PASHA Holding company has invested about US$25 mln in the SOCAR Polymer project. PASHA Holding has a minority stake of 10% in the project, but in absolute terms it is higher than the limit laid down in the program for funds allocated for specific projects. SOCAR Polymer project is implemented in Sumgait Chemical Industrial Park with planned capacity of 180,000 tpa of polypropylene and 120,000 tpa of polyethylene. Plans are underway to commence production of polypropylene in 2016, and polyethylene in 2017. “Petrochemical industry is developing in accordance with the best experience and modern technologies. Our goal is to learn how to manage projects such as SOCAR Polymer,” said Mir Jamal Pashayev, Director of PASHA Holding. “The project is extremely interesting from different perspectives. It will be interesting to see how the finished project will enter the market in an environment where prices are unstable,” he said.