Azerbaijan to build chem park in ex-Soviet production city Sumgayit

11 January 2012 17:27  [Source: ICIS news]

LONDON (ICIS)--Petrochemical production will be the main focus of a modern industrial park to be built in Sumgayit, the Azebaijani city that was once the centre of the former Soviet Union’s chemical industry, the economic development ministry of Azerbaijan said on Wednesday.

The Azeri government had transferred a 168 hectare plot, formerly used by state chemical producer Azerkimya, to the ministry for the creation of the Sumgayit Chemical Industrial Park (SCIP), located near the Caspian Sea, it added.

Under the Soviet planned economy, Sumgayit suffered heavy pollution after it was made a centre for the manufacturing of heavy agricultural and industrial chemicals, but the Azerbaijani government says the environment has improved since most of the old-era producers were closed down.

The economic development ministry, which has been charged with forming a limited liability company that will own and run SCIP as well as associated infrastructure, said it will propose attractive tax, customs and soft loan conditions for enterprises agreeing to locate in the park.

An initial Azerbaijani New Manat (ANM) 2m ($2.5m, €2m) had been allocated by the president from the state budget’s Presidential Reserve Fund to the ministry for park development, it added.  

($1 = €0.78, ANM0.79)
(€1 = ANM1.00)

By: Will Conroy
+44 20 8652 3214

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