Socar to Spend $1 Billion on Azeri, Georgian Fertilizer Plants

State Oil Co. of Azerbaijan, or Socar, plans to build two fertilizer plants at home and in neighboring Georgia for $500 million each, Vice President for Economic Affairs Suleyman Qasimov told reporters in Baku today.

Azerbaijan has agreed with Georgia on building a plant with capacity to produce 700,000 metric tons of fertilizer a year, Qasimov said. Socar will borrow money to build the plant in Georgia, while the Azeri facility will be funded by the state, he said.

So far, Socar has invested almost $700 million in Georgia, including $400 million in an oil terminal in Kulevi on the Black Sea, the Socar executive said.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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