As set forth in the public disclosure of our Company dated 13/12/2024 that, subject to obtaining all necessary approvals following the assessments mentioned in the disclosure, the aim was to implement a new project (the “Master Plan”) involving the construction of new process units (ethylene, polypropylene, and high-density/linear low-density polyethylene) and the modernization of the existing aromatics complex, phthalic anhydride and low-density polyethylene units, and utility facilities; and that, to this end, plans were in place to proceed to the Pre-FEED (Preliminary Front-End Engineering Design) and subsequently the FEED (Front-End Engineering Design) stages in order to conduct a detailed technical and commercial analysis of the Master Plan.

At the current stage of the Master Plan, the Pre-FEED phase has been successfully completed, and preparations to transition to the FEED phase have commenced. In this context, a Memorandum of Understanding has been signed between the State Oil Company of Azerbaijan Republic (“SOCAR”)—our Company’s ultimate controlling shareholder—and Technip Energies Italy S.P.A. This agreement aims to evaluate various potential areas of cooperation within the scope of the Master Plan, particularly regarding the licensing of MFSC (Mixed Feed Steam Cracker) technology and the provision of FEED services. Following this Memorandum of Understanding, the plan is to finalize the agreements related to the FEED process and commence FEED activities in the third quarter of 2026. The FEED process is considered one of the most critical engineering stages preceding the final investment decision for large-scale industrial projects. During this process, the project’s technical design, engineering solutions, technology selection, cost estimates, implementation plan, and economic feasibility will be evaluated in detail. The outputs derived from these activities will form the technical and commercial basis for the potential investment decision to be evaluated under the Master Plan.