(fibre2fashion) -- The State Oil Company of Azerbaijan
Republic (SOCAR) will be building a petrochemical complex having a capacity to
produce 550,000 tons of polypropylene, which is widely used in the textile
industry, Vice President of SOCAR, Tofig Gahramanov, has announced.
SOCAR
will be constructing the oil and gas processing plant and petrochemical complex
at an estimated total cost of EUR13 billion, near the capital Baku.
While
30 percent of the capital would be invested by the Azerbaijan Government and
SOCAR, the remaining amount would be private investment.
The
petrochemical complex is likely to be commissioned by 2020. Besides its own
thermal power plant, it will have 30 processing plants to process 10 million
tons of oil and 10 billion cu m of gas.
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