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SME Cluster Company Established to Contribute to the Green Economy 10.10.25

The enterprise will produce environmentally friendly lubricating oils.

The second SME Cluster Company in the country - “Naturaoil SME Cluster Company” LLC - has been established. A meeting was held at the Baku SME House between the management of the Small and Medium Business Development Agency (KOBIA) and “Naturaoil SME Cluster Company” LLC, during which the company was officially awarded the SME Cluster Certificate.

Located in Sumgayit, the SME Cluster Company will manufacture hydrorefined lubricating oils for use in automobiles, trucks, railway transport, and ships. Built on a 0.7-hectare plot of land, the plant will primarily use local raw materials - including recycled lubricating oils - to produce environmentally friendly lubricants that meet modern industrial and environmental standards.

According to the project framework, the entrepreneur is expected to make an initial investment of 3 million AZN, with a total investment of 5.8 million AZN. In the initial phase, about 30 jobs are expected to be created.

Ten micro and small business owners are now involved in the SME Cluster Company, and applications for cluster membership are being accepted from business owners in Sumgayit and surrounding areas.

KOBIA has assisted with the selection of cluster participants, the compilation of required documentation, and other tasks necessary for the company’s launch.

It should be noted that SME Cluster Companies and their members are eligible for several tax benefits under the Tax Code of the Republic of Azerbaijan. In this regard, an SME Cluster Company is exempt from profit tax, land and property taxes on land used for cluster operations, and VAT on imports of machinery, technological equipment, and installations used for production or processing - for seven years following the date of registration in the official register, provided that supporting documentation is submitted. For the same seven-year period, an SME cluster member will also be exempt from profit or income tax on the portion of profit or income allocated to capital expenditures related to goods delivered to the SME Cluster Company under a contract signed with the cluster company.