18-02-2019
High-density polyethylene plant constructed within SOCAR Polymer project
On February 18, the high-density polyethylene plant was officially opened within SOCAR Polymer project in the Sumgayit Chemical Industry Park. The opening ceremony was attended by the President of the Republic of Azerbaijan Ilham Aliyev, SOCAR senior officials and representatives of the companies involved in the construction of SOCAR Polymer plants.
According to preliminary plans, SOCAR Polymer plants will produce 184,000 tons of 10 varieties of polypropylene and 120,000 tons of 4 high-density polyethylene varieties. During the operation period, the plants are expected to bring $6.6 billion revenues, 30 percent of which will be the company's net profit. In addition, SOCAR Polymer is expected to pay a total of $600 million taxes to the state budget. The high-density polyethylene is still an imported product in the country, but now SOCAR's new industrial complex will fully meet the demand of the domestic market and export the remaining 75% of the product to the Turkish and European markets.
In his report to the head of state, President of SOCAR Rovnag Abdullayev said: ''About 3,500 people have been involved in the construction of SOCAR Polymer plants. 500 permanent workers will be employed during their operation. Maximum safety requirements were observed and over 18.5 million man-hours of work have been achieved accident-free. According to preliminary estimates, SOCAR Polymer complex at its full capacity will increase the export revenues of the country's non-oil sector by 15% and gross domestic product of the Absheron economic region by 14%.”
SOCAR Polymer is the first petrochemical company in Azerbaijan based on a public-private partnership. Shareholders of SOCAR Polymer are SOCAR (52.2%), Vitol (19%), Pasha Holding (9,9%), Ecoland (9.8%), Polymer Investments (5%) and AKKIK (4.1%). The project was delivered in cooperation with well-known brands such as Maire Tecnimont, FLUOR, LyondellBasell, INEOS, Golder Associates. About 60% of the project cost was paid by the loans of Russian Gazprombank.
SOCAR Polymer was founded in 2013 to accelerate the chemical industry development in Azerbaijan. The foundation of SOCAR Polymer plants based on advanced technologies was laid on October 25, 2015. President Ilham Aliyev attended the ceremony. The polypropylene plant under SOCAR Polymer was opened on July 18, 2018. Ilham Aliyev, President of Azerbaijan and Italian president Sergio Mattarella, who was on an official visit to Azerbaijan, attended opening ceremony. The polypropylene plant’s first export product was delivered to Turkey last October.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Worley awarded Bayou Bend CCS carbon capture and storage facility contract
We’ve been selected to design and evaluate CO2 gathering, handling and sequestration facilities located along the Gulf Coast in Southeast Texas. Bayou Bend ...
13-05-2024
-
Black & Veatch delivers feasibility study for Andes Energy LNG Terminal
Global liquefied natural gas (LNG) infrastructure solutions leader Black & Veatch has completed a feasibility study for the planned Andes Energy Terminal, LNG regasification ...
09-05-2024
-
Shell to sell interest in Singapore Energy and Chemicals Park to CAPGC
Shell Singapore Pte Ltd, a subsidiary of Shell plc, has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture company ...
08-05-2024
-
Integrated Global Services recognized for role in mega turnaround
Integrated Global Services has been recognized as a major contributor to the successful Ras Tanura Refinery 2024 Mega Turnaround and Inspection for Saudi Arabian Energy ...
08-05-2024
-
BASF invests in capacity expansion of Basoflux® range of paraffin inhibitors
BASF plans to expand the global production capacity of its Basoflux® range of paraffin inhibitors at its site in Tarragona, Spain. This investment will enable BASF’s ...
07-05-2024
-
Ebara Elliott Energy to provide compressor for SAF project in Thailand
Ebara Elliott Energy, formerly Elliott Group, announces it has been contracted to provide a motor-driven recycle compressor with a variable frequency drive (VFD) for ...
07-05-2024
-
ETH Zurich select hte to provide high throughput test system designed for CO2 electroreduction
hte – the high throughput experimentation company was awarded a contract by the technical university ETH Zurich to provide a high throughput test system designed for ...
07-05-2024
-
TotalEnergies and Sinopec strengthen cooperation
On the occasion of the state visit to France by the President of the People's Republic of China, TotalEnergies, represented by Patrick Pouyanné, Chairman and CEO, and ...
07-05-2024
-
IPP enters agreement to market ammonia, methanol and melamine plants in Ludwigshafen
BASF and International Process Plants (IPP), a global leader in the acquisition and sale of process plants and equipment, have entered an agreement to market ammonia, ...
06-05-2024