SOCAR Carbamid’s annual income from the export of finished products will be up to $160 million
According to the press service of SOCAR, the plant was put into operation on January 16 with the participation of Azerbaijani President Ilham Aliyev.
The plant will annually spend 435 million cubic meters of natural gas in the form of raw materials for the production of 650-660 thousand tons of carbamide products.
“The company will fully cover the domestic needs of the country for nitrogen fertilizers, which have so far been imported to Azerbaijan, and at the same time 70% of the products will be exported abroad. This will save the country $ 90 million in imports of products and receive additional export income of up to $ 160 million per year,” SOCAR reported.
Currently, the plant has created 500 permanent jobs.
According to SOCAR, the project cost is about 800 million euros. The project involved a credit line of 500 million euros, of which funds in the amount of 251 million euros were attracted from Korean Eximbank, 249 million euros from UniCredit, Societe Generale and Deutche Bank (under the guarantee of the Export-Import Bank of Korea). In addition, about 100 million euros were spent on the payment of taxes and duties within the project, and other expenses from SOCAR. The company includes three production sites: ammonia production; carbamide production; production of urea granules. Every day the plant will produce 1.2 thousand tons of ammonia and 2 thousand tons of urea.
