SOCAR signs new contract worth 350 million

23 November 2024

SOCAR signs new contract worth 350 million euros

17:00 15 April 2015 Read: 797

SOCAR signs new contract worth 350 million euros

The State Oil Company of the Azerbaijan Republic (SOCAR) has signed a contract with Maire Tecnimont for the implementation of EPC-contract (engineering, procurement and construction contract) for the construction of polypropylene production within the framework of the project SOCAR Polymer.

The total contract value is approximately 350 million euros.

The contract provides for rendering full technical services, procurement, installation work and construction activity before commissioning the project, as well as its trial.

SOCAR Polymer project is implemented in Sumgait Chemical Industrial Park. This project implementation will make it possible to produce 180,000 metric tons of polypropylene and 120,000 metric tons of polyethylene per year. Production of the propylene polymer is expected to begin in 2016. Most of the production is planned to be sent to markets of Turkey and countries of Western Europe.

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