According to APA-Economics, the document was signed by President of SOCAR Rovnag Abdullayev and CEO of Samsung Engineering Seok Park.
According to agreement, Samsung Engineering will construct, conduct relevant testing and finally will hand over the plant to the Azerbaijani side with the principle of turnkey. The construction will be realized within the framework of the State Program on reliable provision of population with food staffs in the Republic of Azerbaijan for 2008-2015. The plant will mainly produce nitrogen fertilizer. All the products to be produced here will both meet the domestic demand and be exported.
The construction will cost €500 million.
The construction will be realized at the cost of state investment. 24 ha area has been allotted for the construction. The plant will be constructed during 2013-2015.
Besides, 14 companies have appealed to attend the tender on plant’s construction and 10 of them got status of participant. In December last year, Samsung Engineering was announced winner of tender held by the Tender Commission.
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