TODAY.AZ / Business

New plant to be built for manufacture of lubricating oils

29 July 2016 [15:35] - TODAY.AZ

/By Azernews/

By Rashid Shirinov

The Sumgayit Chemical-Industrial Park has recorded its ninth resident -- Alco Lubricant Company. The corresponding certificate was handed over to the company during an event hosted by the Economy Ministry of Azerbaijan.

Alco will produce lubricating oils in the Sumgayit Park. The investment cost of the project is $10 million. A plant with an annual industrial capacity of 30,000 tons will be built in the framework on the project. The production process is scheduled to begin in the second half of 2017.

The decree on creation of Sumgayit Chemical-Industrial Park was signed in December 2011 by President Ilham Aliyev. The Park covers an area of 167.66 hectares and resides nearby Sumgayit city, 32.5 km away from Baku.

The Park is designed to accommodate 35-40 enterprises on its territory. As a result, opening of 10,000 new jobs is assumed.

To date, eight residents have been registered for activities in the Park. They are Azertexnolayn, SOCAR Polymer, Azerfloat, Azerbaijan Fibro Cement, Baku Non-Ferrous Metals and Ferro-Alloys, SIKA, MST Engineering and Aqrokimya Ltd. Meanwhile, more residents are expected to enter the park soon.

The appropriate external and internal infrastructure (electricity, heating, water supply, communication and other systems) with offices, training centers, laboratory, etc. were established in the Park to enable profitable activity and development of entrepreneurs, produce competitive products and render services through the application of modern technologies.

To increase the investment attractiveness of the Park, all its residents are exempted from income, land and property taxes for seven years. Moreover, the equipment and technology used in the Park are also free of value-added tax (VAT).

URL: http://www.today.az/news/business/153014.html

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