BAKU: The Economic Zones Development Agency (IZIA) of the Ministry of Economy of Azerbaijan handed over a certificate of residence of Sumgayit Chemical Industrial Park to Bulgarian company Caspian Lubricants Recycling, Trend reports.

The certificate was awarded following a roundtable of Azerbaijani and Bulgarian companies.

Thus, the total number of residents of Sumgayit Chemical-Industrial Park reached 41.

A Bulgarian company is working on a project to produce base oils by processing used motor and industrial oils. The project’s investment cost is 13.1 million manat ($7.7 million).

The enterprise will create permanent jobs for 54 people. Besides the domestic market, the products at the enterprise are planned for export.

Source: Trend News Agency