SOCAR clarifies issue on suspension of Carbamide plant construction in Georgia

Baku: State Oil Company of Azerbaijan has commented on suspension of construction works of Carbamide plant in Georgia.

SOCAR Vice-President of Refining David Mammadov said that the suspension is caused by processes in the current oil market.

According to him, this is a self-financing project: “A part of construction is financed by entrepreneurs, other part by bank loans. Sharp decline in oil price suspends several projects implemented by SOCAR. The situation in the Georgian market differs from ours. Georgian market depends on world market and the situation there is sufficient hard. Fertilizer price fell. Therefore, financing of the project has become hard. Georgian government is interested in completion of this project. Because the plant means new jobs, new products and new sources of revenue. A part of this project is financed by SOCAR. However, it’s become hard now”.

SOURCE: Azeri Press News Agency