Export-Import Bank of Korea issues €500 million for Sumgait carbamide plant

Baku, January 17, AZERTAC

SOCAR attracted a loan from the Export-Import Bank of Korea (Eximbank) for its carbamide plant to be constructed in Sumgait, the third largest city of Azerbaijan.

The official export credit agency, providing comprehensive export loan and guarantee programs, allocated some €500 million for the construction of the plant.

“The financial support promotes the development of economic cooperation between the countries and lays a basis for the implementation of new large-scale projects in Azerbaijan,” the bank said.

The cost of the project is estimated at €700-750 million. The construction of the carbamide plant is expected to be completed until late 2017. The launch of the plant will provide new working places for some 2, 000 people in Azerbaijan.

The plant will produce 1,200 tons of ammonium per day, while natural gas will be used as a raw material. Ammonium will be further used for the production of carbamide, the volume of which is expected to amount to 2,000 tons per day (some 700,000 tons per year).

The volume is expected to fully meet the demand of the domestic market (which is about 150,000-200,000 tons per year), while surplus will be sold on the international markets. Turkey is deemed to be one of the main foreign markets, as the demand for carbamide is high in the country.

The main construction contractor is the Korean Samsung Engineering Company, while other licensors include Dutch Stamicarbon and Danish Haldor Topsoe. Finnish Neste Jacobs Oy will act as a management consultant for the project.

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