LONDON (ICIS)--Azerbaijan's under-construction Sumgait Chemical Industrial Park (SCIP) intends to attract up to 40 companies and create around 10,000 jobs by 2017-18, the Azeri Ministry of Economy and Industry, said on Friday.
Polyolefins producer SOCAR Polymer – a subsidiary of the State Oil Company of Azerbaijan (SOCAR) – and steel pipe manufacturer Azertexnolayn were already confirmed as park residents, while negotiations with four companies, including international producers that might commit to large investments, were under way, it added.
Resident companies within SCIP would largely be focused on manufacturing petrochemical products for industries including packaging and plastics, the ministry said.
SCIP is located in Sumgait, by the Caspian Sea and about 30km away from Azeri capital Baku. SCIP managers say producers will be able to make use of the nearby Baku-Russia highway.
Resident companies at SCIP would be for seven years exempted from corporate income tax, land tax and VAT on imported equipment, according to SCIP promotional materials.