SOCAR Polymer project secures $3.5bn international funding package

Azerbaijan has secured international financing to the tune of $3.5bn  for the development of the massive SOCAR Polymer gas chemical complex after  SOCAR this week signed an MoU with Gazprombank and the SACE  and EXIAR  Italian and Russian export credit agencies  A plant with an annual  production capacity of 120,000 tonnes of  high density polyethylene and 180,000 of polypropylene will be at the heart of the complex which is being built in the Sumgayit Chemical Industrial Park  40 km northwest of Baku.
The SOCAR Polymer project is a key element in Azeri ambitions to capitalise on its hydrocarbon reserves to develop its petrochemical sector.  30% of the yielded products have been earmarked for domestic use,  with most of the remaining 70% destined for export to Turkey and Europe. The complex is being developed by a joint venture which includes  local companies PASHA, Azersun and Gilan.
Source: News.AZ