SOCAR resumes negotiations with Korea on investments in Sumgait

SOCAR resumes negotiations with Korea on investments in Sumgait

The State Oil Company of Azerbaijan (SOCAR) is resuming negotiations with representatives of South Korea on the financing of the construction of a carbamide plant in Sumgait.

"Next week we will hold negotiations with Korean investors, in particular with the Export-Import Bank of this country, to provide financing, which is exceeding the state share in the project," SOCAR Vice President Suleyman Gasimov stated, noting that the resumption of the talks became possible after the review of the financial mechanism of the project due to the decline in world oil prices, abc.az reports.

The project is estimated at more than 500 million dollars, the state provides no more than 20% of its value. It is planned to put the plant into operation in 2017.

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