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.
To contact the reporter on this story: Zulfugar Agayev in Baku at email@example.com
To contact the editor responsible for this story: Hellmuth Tromm at firstname.lastname@example.org