EZDA: New enterprise to start operation in 2023
The construction works at the polymer materials processing enterprise of Novus Plastica LLC, a resident of the Sumgayit Chemical Industrial Park under the management of the Economic Zones Development Agency (EZDA), are nearing completion, Azernews reports citing EZDA.
According to EZDA, Novus Plastica’s investment value is over AZN11m ($6.5m), of which AZN7.8m ($4.6m) has already been invested in the work done on the project so far. Some 70 percent of the work has been completed.
EZDA added that the enterprise will provide more than 50 people with permanent jobs when it will start production. The company will manufacture two types of products – black carbon concentrate additive for polyethylene pipes and polyethylene coatings to be used in industrial packaging.
The company will use advanced Italian technologies, and its products will be sold in the domestic market and exported to foreign countries including Turkiye and CIS members.
It is planned to start the operation of the enterprise in the first half of 2023.
Notably, Novus Plastica LLC was granted the status of a resident of Sumgayit Chemical Industrial Park in August 2020. The industrial enterprise will play an important role in import substitution and expansion of export potential.
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