Gazprombank, SOCAR implement joint project (Exclusive)

Economy Materials 10 October 2019 13:41 (UTC +04:00)

Baku, Azerbaijan, Oct. 10

By Mirsaid Ibrahimzade - Trend:

Gazprombank and Azerbaijan's State Oil Company SOCAR have launched the second major joint project, which envisages the construction of the gas processing and gas-chemical complex SOCAR GPC in Garadag district of Baku, the bank told Trend.

The bank stated that the gas processing plant will have a capacity of 10 billion cubic meters, while polymer plant’s capacity will be 600,000 tons of polyethylene and 130,000 tons of propylene. The project total budget will amount to $4 billion.

Gazprombank noted that currently, the bank participates in the project as a potential organizer of financing and a lender. Project lending is based on the principles of project financing. Potential lenders of the project are export credit agencies of Europe and Asia, as well as international banks.

The bank emphasized said that SOCAR is their primary partner in Azerbaijan. The bank provides funds to the company and takes part in another large project on building factories for the production of high-density polypropylene and polyethylene of SOCAR Polymer.

“The implementation of such projects is important for Gazprombank in terms of gaining new experience and expertise, which we can use for large-scale projects in other countries,” the bank concluded.


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