Azerbaijan’s Economy Ministry is completing the first stage of assessment at SOCAR Polymer, a polymer plant of Azerbaijan’s state oil company SOCAR, in Sumgait city, the country’s Deputy Economy Minister Niyazi Safarov said at a conference titled “Public-Private Cooperation in Creating Innovation Clusters: Available Assets and Use of Local Raw Materials” in Baku March 16.
The project will help the facility’s products to enter the Azerbaijani market as raw materials for production, he said.
“For this purpose, negotiations with a number of companies are already underway,” Safarov said.
He noted that an innovation cluster will be created at the SOCAR Polymer. This work will be implemented with the support of the Economy Ministry and the Research Institute of the Ministry, he added.
Safarov said that a register of state assets, which may be directed to the development of the industry, is being prepared in Azerbaijan.
The SOCAR Polymer project is carried out in Sumgait Chemical Industrial Park.
At the first stage, production capacity of SOCAR Polymer will total 120,000 tons of polyethylene and 180,000 tons of polypropylene. The total capacity may reach 570,000 tons by 2021.