MOSCOW (MRC) -- Maire Tecnimont S.p.A. has announced that its subsidiaries Tecnimont S.p.A. and KT - Kinetics Technology S.p.A, following the completion of Open Book Cost Estimate services activities, have reached an agreement with SOCAR POLYMER for the award relating to the realization of a polypropylene (PP) plant and relevant utilities and off sites facilities on a EPC Lump Sum basis, reported Maire Tecnimont on its site.
The plant will be located in the Sumgayit Petrochemical Complex around 30 km North of Baku, Azerbaijan.
Total contract value is approximately EUR350 million.
SOCAR POLYMER is a Company controlled by SOCAR, the Government Company of Azerbaijan active in the oil, gas, petrochemicals and fertilizer sectors.
The plant will have a capacity of about 180,000 t/y (tons per year). This will be the first PP plant in Azerbaijan and will utilize the propylene feedstock coming from the existing naphtha cracker.
Pierroberto Folgiero, Maire Tecnimont Chief Executive Officer, commented: "We are eager to support SOCAR, one of the key players worldwide in the hydrocarbon industry, to further develop the downstream sector in the country with this strategic initiative, since this is the first polypropylene plant to be realized in Azerbaijan".
As MRC wrote before, SOCAR announced last summer that it plans to commission PP plant in Azerbaijan in 2016.
SOCAR, which is keen on expanding operations in the retail oil products market abroad, is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in the domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan