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Report: Azerbaijan's Socar to raise funds to build PP plant

12:14 PM MDT | May 7, 2013 | Francinia Protti-Alvarez

State Oil Co. of Azerbaijan (Socar; Baku) will produce polypropylene (PP) at a new site to be established by its Azerikimya Production Union (Baku) subsidiary, Socar has announced. The project will be financed from funds raised from the issue of eurobonds this year, which will also serve to fund other projects, according to a report from Azerbaijani news agency abc.az. No capacity figures were disclosed. "Approximately $400 million out of a borrowed $1 billion will be spent on projects such as the construction of a [PP] plant at Azerikimya, the...

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