Sumgait Chemical Industry Development Program needs $1 billion

Sumgait Executive Committee chair Vagif Aliyev told APA-Economics that negotiations are ongoing to involve big chemical makers in the reconstruction works in Sumgait.

"We have discussion with Italy's Technomost, France's Technik, Germany's BASF and other companies to the project with state-of-the-art, safe and environment friendly technology," he added.

He noted that the reconstruction works, new technologies, raw material and infrastructure and other related activities require $1 billion in investment at the first phase.