SOCAR Polymer was incorporated on July 16, 2013 in order to reinforce development of chemical industry of the country.
The company’s production facilities consisting of Polypropylene (PP) and High Density Polyethylene (HDPE) plants are being built on the site of the Sumgayit Chemical Industrial Park (SCIP) .
The main goal of establishment of the SCIP is acceleration of economic development of Azerbaijan, increasing competitiveness in comparison with other countries that are leading in terms of development of innovative industries. SCIP supports innovative industrial initiatives by extensive tax exemptions, and provides full infrastructure support and single point approach on all permitting issues.
Polypropylene and High Density Polyethylene plants of SOCAR Polymer will be the first of its kind in Azerbaijan, enabling the country to grow its petrochemical industry through development of production for this segment of plastics market.
In order to execute the project SOCAR Polymer has engaged an EPC contractor, Italian engineering company Tecnimont. Another leading engineering company, Fluor, was attracted as PMC contractor to supervise EPC contractor’s work. Another goals of PMC contractor is to develop local engineers. To do so the integrated project management team (IPMT) has been established. Fluor has introduced special professional development programs and provide specialized trainings for local engineers and other employees in Amsterdam, Milan and Mumbai.
SOCAR Polymer is the first project in Azerbaijan which is being realized on the basis of non-recourse project financing principles, without a guarantee of the parent company.
Realization of SOCAR Polymer project will create multiplication effect in many important sectors of Azerbaijan economy and therefore, a huge number of working places will occur.