Azerbaijan Petrochemicals Q3 2019
The opening of new polypropylene and polyethylene plants, with capacities of 180,000tpa and 120,000tpa respectively,over recent quarters was a significant step in Azerbaijan's delayed development of its downstream petrochemicals industry. Theindustry has struggled to progress over the past decade due to a range of structural and economic factors, but the consolidation ofthe sector under the control of national oil company SOCAR has enabled some degree of success. However, the objective of a worldscale petrochemicals complex to add value to upstream production still remains some years away and well beyond the horizon ofour five-year forecast. In global terms, Azerbaijan's petrochemicals industry will be a minor player, even though the countrypossesses large oil reserves. Instead, SOCAR is focusing its efforts 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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