The commissioning of the SOCAR Polymer plant for the production of high-density polyethylene will fully meet the country's need for high-density polyethylene, which is now provided by imports. According to preliminary forecasts, SOCAR Polymer plants will produce 184 tons of polypropylene of 10 types per year and 120 thousand tons of high-density polyethylene of four types per year.
“SOCAR Polymer is one of the projects that play a crucial role in the development of the country's non-oil sector. This complex contributes to the development of import substitution strategy, increases the export potential of Azerbaijan and prevents flow of the national currency,” Energy expert Emin Akhundzade said.
According to SOCAR, the activity of the plant for the production of high-density polyethylene will allow to fully meet the country's domestic needs for these products. At the same time, 75% of the products will be exported to Turkey and Europe. According to the State Oil Company of Azerbaijan, during the operation period, 500 people will work at the plants.
“With the commissioning of SOCAR Polymer enterprises, we will completely eliminate the dependence on imports. This, in turn, will positively affect the trade balance. During the operation of enterprises, it is expected to gain profit in the amount of 6.6 billion dollars,” Energy expert added.
It should be noted that on February 18, the opening of the SOCAR Polymer High-Density Polyethylene Plant was held in Sumgayit with the participation of Azerbaijani President Ilham Aliyev. 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.