The complex will have a production capacity of 720,000 tonnes of finished polymer products –- enough to satisfy all domestic demand.

Oil and gas condensate production declined 0.3 percent from January to October from a year earlier to 28.8 million tonnes, while natural gas output increased 17 percent to 35.8 bcm.

Fitch forecasts Azerbaijan's gross domestic product (GDP) growth of 4.9 percent in 2021, following last year's 4.3 percent contraction.

Mirziyoyev, who was re-elected with a landslide victory in October this year, made poverty reduction in the country one of the main targets of his reform policy.