The SOCAR Polymer High-Density Polyethylene Plant, commissioned in Sumgayit, will fully meet the demand for high-density polyethylene across Azerbaijan, and 75 percent of the products will be exported to foreign markets.

Axar.az reports citing SOCAR.

On February 18, the high-density polyethylene plant was officially opened in the Sumgayit Chemical Industrial Park. The opening ceremony was attended by President of Azerbaijan Ilham Aliyev.

In accordance with preliminary plans, SOCAR Polymer plants will produce 184,000 tons of 10 varieties of polypropylene and 120,000 tons of four high-density polyethylene varieties. During the operation period, the plants are expected to bring $6.6 billion in 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 in 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 percent of the product to the Turkish and European markets.

As many as 3,500 people have been involved in the construction of the SOCAR Polymer plants, and 500 people will be permanently employed during their operation.

According to preliminary estimates, the SOCAR Polymer complex at its full capacity will increase the export revenues of the country's non-oil sector by 18 percent and gross domestic product of the Absheron economic region by 14 percent.

SOCAR Polymer is the first petrochemical company in Azerbaijan based on a public-private partnership.

Shareholders of SOCAR Polymer are SOCAR (52.2 percent), Vitol (19 percent), Pasha Holding (9.9 percent), Ecoland (9.8 percent), Polymer Investments (5 percent) and AKKIK (4.1 percent).

The project was delivered in cooperation with well-known brands such as Maire Tecnimont, FLUOR, LyondellBasell, INEOS, Golder Associates.

About 60 percent of the project cost was paid by the loans from Russia's Gazprombank.

SOCAR Polymer was founded in 2013 to accelerate the chemical industry development in Azerbaijan.