Russia's Penoplex Opens $11 Mln Insulation Panel Plant In Azerbaijan
Date
10/30/2023 3:10:41 PM
(MENAFN- AzerNews) Russia's Penoplex Group has opened a plant in Azerbaijan's
Hajikabul district to manufacture thermal insulation panels, Azernews reports, citing Interfax.
The company invested AZN18.4 million (about $10.8 million) in
the Penoplex Prikavkazye plant, which was built on 6.7 hectares in
the Hajikabul industrial quarter, Azerbaijan's Economic Zones
Development Agency reported.
The plant will export 40% of its products, the agency said.
Penoplex Spb LLC, the group's St. Petersburg division, began the
project to build the extruded polystyrene (XPS) thermal insulation
plant in Azerbaijan at the end of 2019, when the cost of the
project was estimated at $6.5 million. The plant was expected to
have capacity to produce 100,000 cubic meters of product per year,
primarily for the markets of Azerbaijan, Georgia, Iran, Kazakhstan
and Russia.
Penoplex Group, founded in 1998, manufactures XPS thermal
insulation and also has facilities to produce polystyrene, the
feedstock for insulation, waterproofing and finishing materials,
single-use dishes and packaging. The group has plants in Kirishi,
Leningrad Region; Taganrog, Rostov Region; Cheremkhovo, Irkutsk
Region; Zavolzhye, Nizhny Novgorod Region; Novomoskovsk, Tula
Region; as well as in Perm, Novosibirsk, Khabarovsk and
Kazakhstan.
The Hajikabul industrial quarter has 14 residents that have
invested more than AZN163 million.
The official exchange rate for October 30 is AZN1.70/$1.
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