Azernews.Az

By Mirsaid Ibrahimzade

Azerbaijan already reaps the huge benefits of the strategy of diversification of the country’s economy. The non-oil sector is part and parcel of this strategy, and positive indicators of the enterprises involved in this sector evidence the success of the pursued policy.

SOCAR Polymer, which is a project of international standing, is the first of its kind and scale in the petrochemical industry to be implemented in Azerbaijan over the past 40 years.

Ibrahim Ahmadov, Deputy Head of the Public Relations Department at SOCAR, has recently told Trend that over the first half of the year, SOCAR Polymer exported approximately 52 tons of polypropylene and polyethylene.

Ahmadov said that the products are mainly exported to Turkey, Russia, Ukraine, Belarus, Poland and Lithuania.

He added that SOCAR Polymer will annually produce 300,000 tons of products, of which 75 percent are planned to be exported.

According to preliminary estimates, since the launch of the complex, revenues from exports of the country's non-oil sector will grow by 15 percent, and GDP of the Absheron Economic Region will grow by 14 percent, according to Ahmadov.

Azerbaijan's non-oil exports reached $1.689 billion in 2018, which is 10 percent or $151 million more compared to 2017.

The increasing number of plants operating in the non-oil sector promises very good prospects for Azerbaijan to diversify economy, reduce dependency on oil and gas sector and increase the inflow of foreign currency into the country.

SOCAR Polymer is the first company in the petrochemical industry established on the basis of partnership between the state and the private sector in Azerbaijan. Maire Tecnimont (Italy), Fluor (Netherlands), and other companies are involved in the project.

The company is a resident of the Sumgayit Chemical Industry Park. Located 30 kilometers north of the Azerbaijani capital Baku, the Sumgayit Chemical Industry Park, which began to take shape in 2013, is expected to become a new major petrochemical hub of the region.

The main goal in establishing the Sumgayit Chemical Industry Park was acceleration of Azerbaijan's economic development and boosting of competitiveness in comparison with other innovation-led countries.

Sumgayit Chemical Industry Park supports innovative industrial initiatives through extensive tax exemptions and provides full infrastructure support and single point approach to permit issuing.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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