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2Nd QUARTER 2020 SOCAR Polymer Newsletter / Issue 30 / 2020 in THIS ISSUE

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2Nd QUARTER 2020 SOCAR Polymer Newsletter / Issue 30 / 2020 in THIS ISSUE 2nd QUARTER 2020 SOCAR Polymer Newsletter / Issue 30 / 2020 IN THIS ISSUE: 3 5 13 SOCAR Polymer re-financed part of the Production development news Firefighting Foam System existing loan by issuing bonds 15 26 27 Baku-Buzuluk: thousand young trees Wood scrap donation continues SOCAR Polymer brought spring holiday joy traveled 2200 km to 300 families 754 2,519,269 Employees Man-hours LTI Free 1 First semester results amidst quarantine restrictions GIVE HEART Even in social isolation WE REMAIN ONE FAMILY Dear colleagues, grades as PP Homopolymer Spunbond grade HB2662FS, intended for manufacturing of nonwoven textile materials, Half of year 2020 is behind. Production at our plants was and PP Random Copolymer Injection Molding grades not stopped even in the face of the threatening virus. We RB4545MO and RB6545MO, used for production of High have proven capable of applying our HSE culture not only to Transparent Rigid Packaging using Thin Walled Injection technical hazards, but also to medical infection risks. Molding process. Over almost 2 years since the PP plant was put into We have new project ideas for further diversification of non- operation, we have produced a total of about 157,921 oil production in Azerbaijan. Subject to government entities’ tons of PP by having gradually increased production from approval, one of the projects can supply Azerbaijan’s almost nothing (such as off-spec trial batches) at the start demand for locally produced nonwoven fabrics used in to 68,495 tons of good quality PP grades in the first year, to the making of medical masks and protection wear, among 89,426 tons in the second. Thus, the annual increase in the many other applications. PP production rate has been 30.6%. Production at the HDPE plant, too, is gathering momentum. The ultimate goal is to SOCAR Polymer has also entered a new stage of its activity reach the design capacity of both plants, with a cumulative and the next phase of its financial strategy by issuing annual production of 300,000 tons of polymers. structurally subordinated bonds on the domestic market to re-finance part of the received loan. However, it is not only about volumes, but also about products’ conformity to international quality standards, All of the above progress was made amidst the general which is another significant area that we keep in focus. tension and challenges of the quarantine period and credit Recognized high quality of our polymers helps us quickly for the achievements goes to all our staff, both those progress on the world markets. This quarter, we have added working from home keeping everyone safer and those Romania and Austria to the list of our foreign markets. working at the plant with masks constantly on. Well done! Another factor that promotes our sales is diversification Farid Jafarov of our products portfolio which now includes such new General Manager 2 SOCAR Polymer re-financed part of the existing loan by issuing bonds SOCAR Polymer has entered a new stage of its activity by re-financing part of the existing loan and issuing structurally subordinated bonds on the domestic market. s known, the SOCAR Polymer project (“Project”) Following negotiations with the local banks, the main is part of SOCAR’s strategy of modernization of agreed terms of issuing bonds are as follows: Athe petrochemical industry of Azerbaijan. It is the first project in our country’s petrochemical sector implemented through public-private partnership, with • The total value is US $200,000,000.00 (two the total investment of US $864 million. At the same hundred million USD); time it is the first project in Azerbaijan’s non-oil sector to • The tenor is 5 (five) years from the date of the be financed under the internationally accepted “Project first bond placement; finance” principles. About 60% (US $489 mln) of the total • The annual interest rate is 5% (five percent). investment costs covered through a non-recourse loan received from Gazprombank. PSG-Kapital Investment Company, GPB-Financial Considering the current stage of the Project as the plants Services and PASHA Kapital Investment Company have been put into operation and the construction risks have been selected as underwriters to implement the have been eliminated, refinancing part of the current loan emission process. PSG-Kapital Investment Company through a lower-interest loan has been started to proceed and PASHA Kapital Investment Company were involved as the next phase of SOCAR Polymer’s financing strategy. in the structuring of the deal with the local banks and GPB-Financial Services was responsible for involving Given the government’s domestic financial market foreign banks and structuring considering existing development policy and the current stage of the loan. Placement of bonds started on the first business Project, our company has decided to issue structurally day following the 19th of June 2020 when the Central subordinated bonds on the domestic market and to re- Bank of the Azerbaijan Republic registered the bonds’ finance the existing debt. issuance and has been completed successfully. 3 istribution of exports Russia 15 Turkey 38% China 1 istribution of exports Others 2 Russia 15 Turkey omesti to foreign sales ratio 38% Azerbaijan 12 China 1 Others 2 Foreign markets 88% omesti to foreign sales ratio Azerbaijan Q2 12production Sales in 2020 and sales figures70000 60000 the 2nd quarter of 2020, the SOCAR Polymer With 30565 of PP and 28201 tons of HDPE sold, total company continued making its contribution into sales50000 constituted 58766 tons, of which 51654 tons (87.9%) In the Azerbaijan economy and promoting inflow of was0000 exported. Compared to Q1, total sales have grown by foreign currency to the country. 31%30000 despite the current economic decline throughout the world. Curiously, the highest sales rate registered since the Foreign markets 20000 Over the three months, 3023088% tons of PP and 21643 tons start of production has been this June, with 21265 tons of 10000 of HDPE were produced. Compared to Q1, production of polymers (56% PP, 44% HDPE) sold over the month. 0 HDPE has grown by 18.7% (3409 t). 1 Quarter 2 Quarter PP HDPE Sales in 2020 Sales by months (2020 70000 25000 60000 20000 50000 istribution of exports 0000 15000 30000 Russia 10000 15 20000 Turkey 10000 38% 5000 0 1 Quarter 2 Quarter 0 PP HDPE January February March April May June Sales by months (2020 China Apart from the local market, we have made sales Our local1 clients’ share in our Q2 sales has tripled (314%) 25000 to Turkey, Ukraine, Lithuania, Russia, Belarus, Georgia, to have reached 7112 tons as compared to 2262 tons Uzbekistan, Kazakhstan, Turkmenistan, China, and newly marketed domestically in Q1 of 2020. Having grown by 2.7% 20000 to Romania and Austria. Rating highest by the volume of as compared to Q1, domestic sales in Q2 make up 12.1% of purchased polymers are Turkey, Russia and China. Turkey the total sales volume. Supplying of local businesses with 15000 has been the destination of about 42% of our export total polymer feedstock has been our priority, especiallyOthers so in the in Q2. current conditions of limited cross-border trade.2 10000 5000 istribution of exports omesti to foreign sales ratio Azerbaijan 0 12 RussiaJanuary February March April May June 15 Turkey 38% China 1 Foreign markets 88% Others 2 omesti to foreign sales ratio Azerbaijan 12 Sales in 2020 4 70000 60000 50000 0000 30000 20000 10000 Foreign markets 0 88% 1 Quarter 2 Quarter PP HDPE Sales by months (2020 25000 Sales in 2020 70000 20000 60000 15000 50000 0000 10000 30000 20000 5000 10000 0 0 January February March April May June 1 Quarter 2 Quarter PP HDPE Sales by months (2020 25000 20000 15000 10000 5000 0 January February March April May June PRODUCTION Development News • Production of RB4545MO and RB6545MO random PP copolymer grades has been launched, with homologation at target markets of Russia and Turkey. The grades are designated for thin wall injection molding (TWIM). First feedback from clients has been received confirming the high quality of these new products. • The first experimental-industrial batches of the new PP homopolymer grade HB2662FS have been produced for application in production of nonwoven materials used to manufacture protective masks, respirators, disposable medical wear, hygienic pads, furniture upholstery fabrics, construction fabrics, and geotextiles. Currently, first tonnes of the HB2662FS grade are being presented to clients for testing. • Production of the HL1050BF HDPE grade has been raised to industrial scale. The product has been well accepted by manufacturers of 5-30-micron thin films. We are proud to note that on the domestic polymer market the HL1050BF grade successfully competes with its imported analogues. • Production tests and certification tests of the HM0359 grade of black HDPE compound have started to check conformity to the PE-100 class requirements. The grade is designated for production of pressure pipes. Work is carried out jointly with the Scientific-Technical Centre of the Polyplastic company (Russia). • Following technical consultations, a contractor and software product for installing the Laboratory Information System (LIMS) have been selected. Installation of LIMS and integration with SAP are planned for the 3rd-4th quarter of 2020. • The process of selecting a single contractor for performing maintenance of SOCAR Polymer’s Quality Laboratory equipment is nearing completion. 5 Quotes about SOCAR Polymer VUGAR BAYRAMOV PARLIAMENT MEMBER, ECONOMICS EXPERT ocally produced feedstock will help secure L the continuity of mask production 5 June 2020 possible to increase the inflow of foreign currency to the country, which is key for increasing the mask producing "Feedstock issues have been at the heart of discussions factories’ financial sustainability.
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