The State Oil Company of Azerbaijan (SOCAR) is planning to set up a $15bn petrochemicals complex in the country.
The complex will comprise of a gas processing plant, oil refinery and petrochemical plant, which will have a production capacity of 670,000t of polyethylene and 550,000t of polypropylene, reports Xinhua.
The plants will be developed in the Garadagh area, south of Azerbaijan's capital, Baku.
SOCAR vice-president Tofig Gahramanov said that the firm has submitted a feasibility study with respect to the complex, to government authorities.
The project will receive 30% funding through SOCAR's internal resources and government contributions and the remaining funding will be secured from external financing.
The project is expected to be completed by 2018.
