Baku, Azerbaijan, Dec.13
By Azad Hasanli - Trend:
The SOCAR company (The State Oil Company of Azerbaijan Republic) and the Russian Gazprombank Dec.13 signed a Collection of basic conditions for the loan of $420 million for the SOCAR POLYMER project, implemented in Sumgait Chemical Industrial Park, said the message of SOCAR, released Dec.13.
The document was signed in the main office of the Azerbaijani oil company within the framework of the visit of the Russian delegation headed by the Chairman of the Board of Gazprombank Andrey Akimov.
Implementation of the SOCAR POLYMER project, for which the loan has been allocated, will make it possible to produce 200,000 metric tons of polypropylene and 120,000 metric tons of polyethylene.
The loan has been allocated to the Azerbaijani company for ten years and Gazprombank will not demand any guarantees for this loan.
It was also mentioned during the event that Gazprombank opened a credit limit for SOCAR in the amount of $2 billion.
SOCAR is the only oil producer in Azerbaijan (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.
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Azad Hasanli is Trend Agency's staff journalist, follow him on Twitter: @AzadHasanli
