The U.S.-Azerbaijan Chamber of Commerce reported on Tuesday that SouthWest Nanotechnologies Inc. (SWNT) is pursuing the construction of a production plant in Azerbaijan.
The Oklahoma-based company agreed on a deal that would bring a carbon nanotube plant to Azerbaijan. The move is beneficial for the country because officials there are looking to diversify non-oil ventures.|
In the agreement the company will cooperate with the Azerbaijan Investment Co. OSJC and the Sumgait Chemical Industrial Park, LLC. The plant would be located just outside of the country's capital of Baku.
According to a statement released by SWNT the new plant would be able to produce at least 1,000 tons per year once it is up and running in 2016.
The director of the chemical park, Nazim Talibov looks forward to having what he calls a high quality manufacturer of this technology within the park.
SWNT CEO David Arthur was quoted in the statement as saying that the carbon nanotube market is expected to grow significantly over the next 10 years.