Azerbaijan: Memorandum of Understanding Turkey's Tekfen to Participate in the Construction of Socar's Urea Production Facility

Rovnag Abdullayev, President of Socar, and Murat Gigin, President of Tekfen Holding, signed a Memorandum of Understanding on the construction of a new urea production facility in Azerbaijan.

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Baku/Azerbaijan — Based on experience gained during the construction of existing urea plant, Socar is considering the construction of a new production facility in Sumgayit with a daily capacity of 1,200 tons of ammonia and 2,000 tons of urea. The memorandum signed with Tekfen also envisages a cooperation including the marketing of the products of the existing and new production facilities.

In this context, a working group is to be formed in the next phase and efforts will be made to establish the final agreement in order to determine further details, including Tekfen Contracting Group companies’ possible participation in the construction of these units on EPC (engineering, procurement and construction-assembly) basis. The MoU also considers the effectiveness of prospects for Tekfen’s subsidiary Toros Tarım to conduct marketing, sales and distribution of the products manufactured in the new facilities by the usage of its extensive dealer network in Turkish market and to develop value added new products as well as marketing of those in different regions of the world. In the event of a successful conclusion, Tekfen and Socar might be partner shareholders in the new production facility.

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