Azerbaijan Petrochemicals Q1 2019
The opening of a new 180,000tpa polypropylene plant in July 2018 was a significant step in Azerbaijan's delayeddevelopment of its downstream petrochemicals industry. The industry has struggled to progress over the past decade due to arange of structural and economic factors, but the consolidation of the sector under the control of national oil company SOCAR hasenabled some degree of success. However, the objective of a world scale petrochemicals complex to add value to upstreamproduction still remains some years away and well beyond the horizon of our five year forecast. As such, in global terms, Azerbaijan'spetrochemicals industry will be a minor player, even though the country possesses large oil reserves. Instead, SOCAR is focusing itsefforts on exporting oil to Turkey and investing in its subsidiary Petkim, which gives it access to the EU and Turkish markets.
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