Boston, MA -- (SBWIRE) -- 05/30/2014 -- Azerbaijan is set to move ahead with the expansion of petrochemicals capacities in 2014, which should boost the country's non-oil sector over the medium term, according to BMI's latest Azerbaijan Petrochemicals Report.

The petrochemicals sector will contribute significantly to the development of the non-oil economy, providing the basis of growth in downstream manufacturing as well as exports. It will also be able to move the country towards self-sufficiency in some segments, particularly polyethylene and methanol. This should even out the impact of volatile oil output growth on the wider economy.

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The State Oil Company of Azerbaijan Republic (SOCAR) plans to start construction of new petrochemical and oil-gas processing complex in Sangachal. The USD17bn Oil and Gas Processing and Petrochemical Complex (OGPC) is scheduled for start-up in 2017-2018. This is set to include a gas-processing facility with capacity for 10bcm, a 10mn tonnes per annum (tpa) oil refinery and a petrochemicals complex with capacities of 700,000tpa for high-density polyethylene (HDPE) and low-density polyethylene (LDPE), 550,000tpa polypropylene (PP), 40,000tpa benzene and 110,000tpa styrene. The new complex could be integrated into the existing Azerkimya complex, which has been operating at less than 20% capacity for a number of years.

- Azerbaijan's downstream is vastly underperforming with the two aging Azerneftyagh and Heydar Aliyev refineries limiting utilisation rates to around 40%. This is however due to change with the introduction of the USD17bn Oil and Gas Processing and Petrochemical Complex (OGPC), which will improve efficiency and provide a wider range of higher value refined products. Construction could begin this year, though completion of the entire complex is not expected until the very end of our forecast period.
- The medium-term focus will be SOCAR's OGPC, which will have total gas processing capacity of 10-12bn cubic metres (bcm) and oil refining capacity of 10mn tpa. The...

The Azerbaijan Petrochemicals Report has been researched at source, and features Business Monitor International (BMI)'s market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.

BMI's Azerbaijan Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Azerbaijani petrochemicals industry.

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