US companies are seeking to set up a large petrochemical facility in Azerbaijan at an investment of US$600 million. The proposed facility will be engaged in refining oil and gas and production of petrochemicals. The name of the company to carry out the operations has not been disclosed. The only condition put forth by US investors is a state guarantee for uninterrupted supplies of raw materials for the facility.
This will be the first investment in large petrochemical facilities in Azerbaijan after 1991. Before 1991, petrochem investments were made mainly in the capital Baku and the country's third largest city, Sumgayit, but the industry faced a recession after the collapse of the Soviet Union
15-Jun-06 
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