Baku, Azerbaijan, July 2
By Maksim Tsurkov - Trend:
Russia's Gazprombank will start to finance the construction of plants for the production of polypropylene and high density polyethylene within the framework of the SOCAR Polymer project in Sumgait Chemical Industrial Park next month, a senior representative of the SOCAR Polymer project told Trend July 1.
"Financing has not yet started," he said. "The loan is divided into several tranches, and it is expected that the first of them will be provided in the next month or so."
The source did not specify the size of the first tranche.
The funding agreement was signed by Chairman of the Management Board of Gazprombank Andrey Akimov and President of SOCAR Rovnag Abdullayev during the St. Petersburg International Economic Forum.
The Investment Committee of Gazprombank approved allocating $489 million worth loan for SOCAR Polymer with the repayment period of 10 years.
SOCAR Polymer project is implemented at Sumgait Chemical Industrial Park. The implementation of this project will produce 180,000 metric tons of polypropylene and 120,000 metric tons of polyethylene per year.
Plans are to export the major part of the products to Turkey and West European countries.
Edited by CN
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