Baku Energy Forum - SOCAR’s subsidiaries sign memorandum of cooperation

SOCAR’s subsidiaries sign memorandum of cooperation


SOCAR Methanol LLC and SOCAR Polymer LLC signed a memorandum of cooperation in summer practice programs, SOCAR Methanol said in a message July 13.

The document envisages the exchange of information on trainees to involve young people in the fields necessary to increase labor productivity, conditions for the development and staff recruitment, according to Trend.

"SOCAR’s two subsidiaries started to cooperate to create conditions for revealing and educating talented young people," the message said.

In accordance with the memorandum, capable young specialists participating in the summer practice program-2017 organized by SOCAR Polymer will be involved in practice at SOCAR Methanol plant.

"The trainees will get acquainted with the activity of the plant,” the message said. “They will have an opportunity to test themselves in the sphere of main and additional production, repair and inspection of equipment and instrumentation. Taking into account the production needs, some young specialists can be provided with work at SOCAR Methanol on the basis of the personal results.”

The annual capacity of the methanol plant is 720,000 tons.

SOCAR bought a plant from Aqrarkredit CJSC non-bank credit institution in accordance with a decision of Azerbaijan’s Cabinet of Ministers. (Aqrarkredit CJSC manages the distressed assets of the International Bank of Azerbaijan).

The methanol plant acquired by SOCAR costs 810 million manat.

The total cost of the SOCAR Polymer project is $750 million. The project is being implemented in the Sumgait Chemical Industrial Park.

The polypropylene plant will be put into operation in January-March 2018, while the polyethylene plant - in July-September 2018.

At the first stage, the production capacity will reach 120,000 tons of polyethylene and 180,000 tons of polypropylene. By 2021, the total capacity can reach 570,000 tons of products.

Thus, 25 percent of the plant's products will be supplied to the domestic market, while 70 percent - for export to Turkey, Europe and the CIS countries.