AZERKIMYA SIGNS MEMO AND CONTRACT WITH WORLD`S LEADING COMPANIES

Baku,5 September,(AzerTAj)President of the Azerkimya state petrochemical company of Azerbaijan Majid Karimov has today signed a memorandum of understanding and confidentiality contract in London with the world`s leading companies including Exxson Mobil, Basell, KBR, Technip, Ineos, Thyssen Krupp and Uhde.

The documents envisage construction of the huge petrochemical complex in Sumgayit The project will not only allow Azerbaijan to ensure its domestic demand in petrochemical products and mineral fertilizers, but will also make Azerkimya the region`s leader in petrochemical production.

The complex to be based on the cutting-edge technologies will consist of 19 plants.

It will make Azerkimya the largest producer of petrochemical products and
fertilizers not only in the region but also in the whole CIS area. The complex will
provide the market with building materials, plastic pipes, paints, lacquers,
reagents, synthetic materials etc.
The new complex will boost the non-energy sector and create new high-paid jobs.
International companies have already begun to conduct capacity-building trainings
for prospective workers of the petrochemical complex where state-of-the-art
equipment will be installed.
Azerkimya embarked on the project in 2006 after the state-owned company presented
the documents on cooperation with world`s heavyweight companies to President Ilham
Aliyev. Azerkimya`s partners include technical adviser Technip, legal adviser White
& Casse, financial adviser Societe Generale as well as Nexant, which has prepared
the feasibility study of the project.
According to Azerkimya president Majid Karimov, implementation of the project will
be a new success of the country`s growing economy and ensure Azerbaijan`s leading
positions in the years to come.