Earnings of SOCAR Polymer plants are expected to reach $6.3 bn


July 23, Fineko/abc.az. In the period of operation of SOCAR Polymer plants, their earnings are expected to total $6.3 bn, and 30% of this amount will be Company's net profit.

SOCAR Polymer informs that according to preliminary estimates, in the period of operation of the plants on production of polypropylene and high density polyethylene, the enterprises will transfer $400 million of profit tax and $460 million of VAT to the State Budget.

The SOCAR Polymer plants will produce polypropylene of 19 types and high-density polyethylene of 12 types. 184,000 tons of polypropylene and 120,000 tons of high-density polyethylene will be produced a year.

The SOCAR Polymer plants will fully meet the demand in the domestic market, and 75% of the products will be exported to the markets of Turkey and Europe.

More than 3,000 people were involved in the peak periods of construction. To date, over 17 million man-hours have been completed on construction sites without industrial injuries or accidents.

SOCAR Polymer was established in July 2013 in order to accelerate the development of the chemical industry of Azerbaijan, and on 23 September of the same year it was registered as a resident of the Sumgait Chemical Industrial Park.

The polypropylene plant was inaugurated on 18 July with the participation of President Ilham Aliyev of Azerbaijan and President Sergio Mattarella of Italy.

Commissioning of the plant on production of high-density polyethylene is scheduled for the 4th quarter of this year.