SOCAR working to revive state chemicals concern Azerikimya

08-Apr-10

SOCAR – Azerbaijan’s state oil company is working to revive the state chemicals company Azerikimya’s idle or partially functioning capacity. Azerikimya will become a SOCAR production unit since it has been transferred to SOCAR administration. The state oil company is ready to raise large domestic and foreign investment to increase the volume and efficiency of production. According to a feasibility study, the new petrochemical complex could be located in Garadag district of Baku, which will provide it direct access to oil resources, and the chemical complex could be located near the oil refineries. The new complex could be integrated into the existing Azerikimya complex. Azerikimya's profitability and efficiency will be positively impacted by integration with SOCAR’s oil refineries and main crude supplies. The possibility of integrating Azerikimya and SOCAR’s Petkim Holding in Turkey that will improve logistics optimization is being mulled.