By Azernews

By Ayya Lmahamad

Azerbaijan's Economic Zones Development Agency under the Economy Ministry, State Oil Company (SOCAR), and Singapore's Indorama Investments Limited company have signed a memorandum of understanding (MoU), Azernews reports.

The document was signed by Economic Zones Development Agency's Board Chairman Elshad Nuriyev, SOCAR's Vice President Kanan Najafov, and Indorama Investments Limited company's Board Member Prakash Kejriwal.

The memorandum envisages studying the possibilities of establishing a plant in the Sumgait Chemical Industrial Park for the production of ammonium nitrate, NPK (nitrogen-N, phosphorus-P, and potassium-K), DAP (diammonium phosphate), and ammonium sulfate fertilizers. Moreover, it envisages conducting relevant information swaps between the parties.

To note, Indorama Corporation is one of Asia’s leading chemical holding companies based in Singapore. Indorama has over 20 manufacturing sites in eight countries manufacturing a multitude of products including nitrogen fertilizers, phosphate fertilizers, polyethylene, polypropylene, polyester, textiles, cotton fiber, and medical gloves.

Diplomatic relations between Azerbaijan and Singapore were established on August 15, 1994. The Embassy of Azerbaijan in Singapore has been operating since 2012. The trade turnover between the two countries amounted to $19 million in 2021.