MOSCOW (MRC) -- Azerbaijani PASHA Holding company has invested about USD25 million in the SOCAR Polymer project, said Mir Jamal Pashayev, Director of PASHA Holding for Thebusinessyear.
“Petrochemical industry is developing in accordance with the best experience and modern technologies. Our goal is to learn how to manage projects such as SOCAR Polymer," Pashayev said.
PASHA Holding has a minority stake in the project, but in absolute terms it is higher than the limit laid down in the program for funds allocated for specific projects.
"The project is extremely interesting from different perspectives. It will be interesting to see how the finished project will enter the market in an environment where prices are unstable," he said.
"Coordination and project planning were performed at the highest level. We are pleased that SOCAR has also attracted other local large business groups to the project, in which we own 10 percent," he said.
As MRC informed earlier, within the complex, a gas processing plant and a petrochemicals plant are due to be completed by 2020 instead of 2017, and an oil refinery by 2030 instead of 2026. Industry sources say the new petrochemical complex will allow the country to profit from processing oil rather than just exporting it.
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.
MRC