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Azerbaijani PASHA Holding invests $25M in SOCAR Polymer

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Date: 15 January 2016 18:22

Baku, Azerbaijan, Jan. 15

By Maksim Tsurkov – Trend:

Azerbaijani PASHA Holding company has invested about $25 million in the SOCAR Polymer project, said Mir Jamal Pashayev, Director of PASHA Holding.

Pashayev made the remarks in an interview with The Business Year journal.

A new era of industrial development has begun in Azerbaijan, he noted.

“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,” Pashayev said.

PASHA Holding has a minority stake in the project, but in absolute terms it is higher than the limit laid down in the program for funds allocated for specific projects.

“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.

“Coordination and project planning were performed at the highest level. We are pleased that SOCAR has also attracted other local large business groups to the project, in which we own 10 percent,” he said.

SOCAR Polymer project is implemented in Sumgait Chemical Industrial Park. This project will allow producing 180,000 tons of polypropylene and 120,000 tons of polyethylene per year. It is planned to start production of polypropylene in 2016, and polyethylene - in 2017. It is planned to direct most of the production to markets in Turkey and Western Europe.

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