ECONOMY
SOCAR signs contract for carbamide plant construction in Azerbaijan
Baku, March 13 (AZERTAC). The State Oil Company of Azerbaijan (SOCAR) has signed a contract with the Korean Samsung Engineering Co Ltd in Baku on Wednesday for designing, procurement and construction of a carbamide plant in Sumgait.
The contract was signed by President of SOCAR Rovnag Abdullayev and President and Chief Executive Officer of Samsung Engineering Co Ltd, Ki-Seok Park.
Speaking at the event Abdullayev noted that the construction of the carbamide plant that meets international standards is implemented in accordance with the State Program on Reliable Food Supply of Population in the Azerbaijan Republic for 2008-2015. The construction financed by the government investments will cost 500 mln euros and it will be completed in 2013-2015. The capacity of the plant will be 2 000 tons of carbamide a day.
In turn Chief Executive Officer of Samsung Engineering Co Ltd Ki-Seok Park praised the his company`s cooperation with the SOCAR. He expressed his hope that their first project in Azerbaijan would be successful.
It was noted that the Samsung Engineering Co.LTD was implementing more than 1000 projects all over the world.
On the sidelines of the agreement the company will organize trainings and tests for SOCAR employees.
Samsung Engineering Co., Ltd. was founded as the first engineering firm in Korea in 1970 and has its headquarters based in Seoul, South Korea. As an engineering, procurement and construction (EPC) company, it provides a full range of engineering services including feasibility studies, design, procurement, construction, and commissioning. The Company has substantial business in over 40 countries worldwide, with an established presence in countries such as Saudi Arabia, United Arab Emirates, India, Thailand, Trinidad & Tobago, and Mexico.