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Azerbaijan increases profit from PP exports by more than a quarter in Q1 2021

April 20/2021

MOSCOW (MRC) -- Azerbaijan exported 23,988 tonnes of polypropylene (PP) in primary forms in January-March 2021, said the Azeri news agency REPORT with reference to the data of customs declarations.

According to the State Customs Committee, the cost of PP exports totally USD26.791 million, up by USD5.672 million (26.8%) and down by 935 tons (3.8%) year on year.

In the last quarter of 2020, the share of PP in the total exports of the non-oil sector was 5.34%, and in the total export volume - 0.65%.

As reported previously, PP is produced in Azerbaijan at SOCAR Polymer's plant, which was commissioned on July 18, 2018. The design capacity of the plant is 184,000 mt/year of PP. A plant for the production of high density polyethylene (HDPE) with a capacity of 120,000 mt/year started up on February 18, 2019.

In general, the plants of SOCAR Polymer, a subsidiariy of the state oil company of Azerbaijan - SOCAR, are designed to produce 10 grades of PP and 4 grades of HDPE. SOCAR Polymer's revenues from these plants for the period of operation are expected at USD6.6 billion, net profit will amount to USD1.98 billion. For the entire period of operation of the plants, tax payments to the state budget of Azerbaijan will amount to USD600 million.

It was also reported that most of the PE and PP quantities produced at SOCAR Polymer are exported. Thus, Azerbaijan exports these products mainly to Turkey, Russia, Ukraine, Belarus, Poland and Lithuania.

Azerbaijan also produces low density polyethylene (LDPE) at the Ethylene-Polyethylene plant of the Azerkhimia production association of SOCAR in the amount of over 60,000 mt/year.

SOCAR Polymer was founded by the State Oil Company of Azerbaijan. Currently, SOCAR's share in the company's capital is 57%. LLC "Vitol Black Sea V. L. L", LLC "Ecoland" and a number of other companies are also among the shareholders.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, PP block copolymer, homopolymer PP, PP random copolymer, LDPE, HDPE, SOCAR Polymer, Azerbaijan, Belarus, Poland, Russia, Turkey, Ukraine.
Category:General News
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