Eurasian chemical market

A Review of the Chemical Industry of Azerbaijan

     The first oil wells appeared in Azerbaijan as early as 1848. The country was a world leader in terms of oil production at the end of the 19th century. However, after the dissolution of the Soviet Union, the oil industry of the republic experienced a serious decline. But if you think that all the country’s achievements became a thing of the past you are in error. Azerbaijan is now on the rise. The growth rate of industrial production in Azerbaijan is one of the highest among the CIS countries. In January-April 2007, it soared 36.6% as compared to 2006. Moreover, the country is not going to fix its attention on hydrocarbons only. We observe that Azerbaijan is fulfilling its goal to become a serious player in the global chemical market. Not only huge oil reserves but also rich sources of various raw materials occur in this Transcaucasian state. In addition, it has a strategic location, by which it has implemented large-scale and ambitious projects with the assistance of foreign investors. Our article is a thorough analysis of the Azerbaijanian chemical and petrochemical sectors.

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