Azerbaijan, Baku, Nov. 13 / Trend E. Ismayilov /
Profitability of the enterprises included in the Azerkimya Production Association of the State Oil Company of Azerbaijan (SOCAR), exceeds 15 percent, Azerkimya chief engineer Firudin Mustafayev said.
"Profitability is more than 15 percent, but we expect even greater rate," Mustafayev said.
After Azerkimya joined SOCAR repair and reconstruction works were conducted at the plants of the Production Association. Mustafayev said also the dismantling of old equipment is envisaged, on the site of which Sumgait chemical industrial park will be created.
The amount of funds spent on reconstruction works hits tens of millions of dollars, which was provided at the expense of lending and financial support of SOCAR, Mustafayev said.
According to Mustafayev, Azerkimya's future business plans envisage two-step. "We plan to increase polyethylene production to 120,000 tons in the first stage in the near future," he said.
According to Mustafaye, in the second stage as a result of the reconstruction of installations at the plant it is planned to increase polyethylene production by 150,000 tons more, and to increase its production to 200,000 tons by constructing a new facility for polypropylene production.
Mustafayev said that 95 percent of production at the plants of Azerkimya is produced for export. In particular, chemical products are exported to Europe, Turkey, China and CIS countries. The main base for raw material of Azerkimya enterprises is Azerbaijan (90 percent), and the rest is imported from China, Russia, Turkey and Ukraine.