VINACHEM

The State Oil Company of Azerbaijan, SOCAR, is working to revive the Azerikimya state chemicals concern. Azerikimya is to become a SOCAR production unit now that it has been transferred to SOCAR administration.

SOCAR President Rovnag Abdullayev said in Baku today that SOCAR was ready to revive Azerikimya`s idle or partially functioning capacity.

`We are working on a special program to this end and are ready to raise large domestic and foreign investment. We intend to increase the volume and efficiency of production. We think that Azerikimya`s profitability and efficiency will be improved by integration with our oil refineries and main crude supplies. It is possible that we will integrate Azerikimya and our Petkim Holding in Turkey,` Abdullayev said.

He said that SOCAR was at present considering a program to integrate Azerikimya and Petkim Holding.

`For comparison, Petkim produces about 10,000 tonnes of output per annum. Azerikimya, in turn, sells much of its output to Turkey. Integration of the companies would yield large revenues thanks to logistics optimization alone,` Abdullayev said.

A commission set up by President Ilham Aliyev is considering the creation of a new oil-refining and petrochemical complex, Abdullayev said.

`The commission is studying step-by-step all the related issues, including where and how to build the new complex. According to a feasibility study, the new petrochemical complex could be located in Garadag district of Baku, where access to oil resources is straightforward, while a chemical complex could be located near oil refineries. In turn, the new complex could be integrated into the existing Azerikimya complex,` Abdullayev said.

On the instructions of President Ilham Aliyev, SOCAR is to create a city chemicals industrial estate in Sumgayit in the next two to three years.

`Enterprises in the industrial estate will manufacture finished products on the basis of Azerikimya`s finished and semi-finished output. Small plants are to be opened which will create at least 10,000 jobs,` Abdullayev said.

(Source: http://www.news.az/)