SOCAR, Tekfen sign memorandum on construction of new plant in Azerbaijan

Sat 01 Jun 2019 07:06 GMT | 11:06 Local Time

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A meeting was held on May 31 between Rovnag Abdullayev, President of Azerbaijan’s SOCAR, and Murat Gigin, Chairman of Turkey’s Tekfen, Trend reports referring to SOCAR.

At the meeting, the parties signed a memorandum on the construction of a new carbamide plant in Azerbaijan.

Based on the experience gained in the construction of the existing carbamide plant, SOCAR is considering building a new production complex in Sumgayit, Azerbaijan with a daily capacity of 1,200 tons of ammonia and 2,000 tons of carbamide. The memorandum also provides for cooperation in the marketing of existing and new complex fertilizer products.

According to the signed document, a joint working group will be formed at the next stage, and issues regarding the construction of a new plant will be analyzed.

These include the possible participation of companies belonging to the Tekfen Contracting Group based on EPC (engineering, procurement and construction) in construction facilities at the plant; the marketing of the plant by Toros Tarım, Tekfen’s subsidiary, to enter regional markets with finished products, as well as its sales; participation of the parties as shareholders.

SOCAR successfully works in various fields of the oil and gas industry as an integrated flexible and highly qualified company. In recent years, the company has significantly expanded its activities in the petrochemical industry, having built and commissioned new plants for the production of polymer products and carbamide fertilizers in Azerbaijan.

The factories of SOCAR Polymer and SOCAR Carbamide, being the last links in the company's value chain, acquire raw materials from other enterprises of SOCAR, and, through this synergy, are of great value for the company. SOCAR continues to explore new investment opportunities to increase Azerbaijan’s revenues and create new jobs in the country.

News.Az

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