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Follow on Google News | Recently released market study: Azerbaijan Petrochemicals Report Q4 2010New Energy market report from Business Monitor International: "Azerbaijan Petrochemicals Report Q4 2010"
Between January and April 2010, Azerbaijan exported 12,467 tonnes of polyethylene, up 50.5% year-onyear (y-o-y). Production was up 650% y-o-y, to 19,900 tonnes, according to the News.az website, which quoted quoting the Azerbaijan State Statistical Committee. Nevertheless, it was still operating at around two-thirds capacity. Overall chemicals output grew 120% y-o-y in the first five months of 2010, with production worth AZN88.3mn (US$110mn). Meanwhile, the manufacture of rubber and products grew 15.2% y-o-y to AZN21.8mn. In 2009 Azerkimya produced chemical goods worth AZN163.1mn (US$203.11mn) While the company has heralded the results in 2010 as proof that restructuring is producing significant results, the level of output is still very small-scale and until production facilities are upgraded and expanded it is unlikely that Azerkimya will compete effectively against foreign rivals on both domestic and export markets. Rather, for the time being it owes its existence to state patronage and protection, while remaining plagued by major disruptions in output caused by periodic rapid rises in electricity and raw material costs. Azerkimya's output has tended to be highly sensitive to changes in the non-oil economy with the rate of petrochemicals sales growth tending to be two or three times the rate of overall economic growth, amplifying the overall economic trends. While the strongly pro-cyclical nature of the industry is likely to result in high rates of growth with real GDP growth forecast at 11% in 2010, with low level of capacity it will not add much value and Azerbaijan will remain dependent on imports of chemical products. Moreover, with economic growth set to decline to 7.5% in 2011 and 5.0% by 2014, unless the industry is improved and restructured it will see yet further declines in the years ahead. There are also some positive developments that should boost the industry, aside from the restructuring of the industry and plans for a new petrochemicals complex. The stabilisation of oil prices should help to bolster capital inflows, which in turn will filter through to the petrochemicals industry. However, domestic credit will be constrained by actions by the Central Bank of Azerbaijan, which has stipulated inflation targeting as its main monetary policy priority in 2010. We are currently pencilling in 500bps of rate hikes to the refinancing rate in 2010, taking it to 7.00% by the end of the year, thereby tempering household and corporate consumption and slowing growth in the domestic plastics and chemicals market. Stable oil prices will also stabilise feedstock prices, which in turn makes planning easier. Azerbaijan is in 10th and last place in BMI's proprietary Europe Petrochemicals Business Environment Rankings with a score of 33.1, unchanged since the previous quarter. Azerbaijan lies 4.3 points behind Ukraine. The score could rise if plans for a new petrochemicals complex come to fruition. Azerbaijan's considerable energy reserves and rising gas output have been hampered from improving the petrochemicals capacity, largely owing to the poor business environment which has deterred investors. However, there are signs this is changing for the better as the government makes a concerted effort to restructure the sector. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary SWOT Analysis - Azerbaijan Petrochemicals Industry SWOT Global Overview - Petrochemicals Market Overview - Table: World Ethylene Production By Country, 2009 And 2014 ('000 tonnes capacity) - Financial Results - Table: Financial Results Of Major Petrochemicals Companies, 2009 - Global Oil Products Price Outlook - Table: Oil Product Price Assumptions, Q409-Q410 (US$/bbl) - Table: Oil Product Price Data And Forecasts, 2007-2014 (US$/bbl) European Petrochemicals Overview - Table: Financial Results Of European Petrochemicals Producers, Q110 (EURmn) Azerbaijan Market Overview - Table: Azerbaijan's Petrochemicals Sector - Cracker Capacity Data And Forecasts, 2004-2012 ('000tpa) - Table: Manufacture Of Petrochemicals Products, 1999-2008 ('000 tonnes, unless otherwise stated) Industry Trends And Developments - Upstream Activities - Petrochemicals - Petkim Privatisation Petrochemicals Business Environment Ratings - Table: Central And Eastern Europe Petrochemicals Business Environment Ratings Industry Forecast Scenario - Table: Azerbaijan's Petrochemicals Sector, 2007-2014 ('000 tpa, unless otherwise stated) - Macroeconomic Outlook - Table: Azerbaijan - Economic Activity, 2007-2014 Company Monitor - Azerkimya - State Oil Company of Azerbaijan (Socar) Country Snapshot: Azerbaijan Demographic Data - Section 1: Population - Table: Demographic Indicators, 2005-2030 - Table: Rural/Urban Breakdown, 2005-2030 - Section 2: Education And Healthcare - Table: Education, 2002-2005 - Table: Vital Statistics, 2005-2030 - Section 3: Labour Market And Spending Power - Table: Employment Indicators, 2001-2006 - Table: Consumer Expenditure, 1999-2004 (US$) - Table: Average Annual Wages, 2000-2012 - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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