Baku, Azerbaijan, Apr. 13
By Azad Hasanli – Trend:
The professionalism, qualification, technologies and opportunities that exist in Azerbaijan allow implementing the most complex and ambitious projects in the country, said First Vice President of Russia’s Gazprombank Alexander Kaznacheev.
He made the remarks at a meeting with entrepreneurs in Baku Apr. 13.
“We are taking great pride in telling about the business with [Azerbaijan’s state oil company] SOCAR. Relations have been built throughout years, and now we can say we have created a unique project called SOCAR Polymer,” said Kaznacheev.
“The experience that Gazprombank gained in Azerbaijan allows saying that one can put investments in this country,” he noted.
“We understand that the professionalism and qualification, technologies and opportunities that exist in Azerbaijan allow implementing the most complex and ambitious projects here. Our next project, SOCAR GPC, which is certainly even more impressive, is among such projects,” Kaznacheev said.
Total cost of the SOCAR Polymer project is $750 million. The project is being implemented in the Sumgait Chemical Industrial Park (SCIP) in Azerbaijan.
At the initial stage, SOCAR Polymer’s production capacity will be 120,000 tons of polyethylene and 180,000 tons of polypropylene. Its total capacity may reach 570,000 tons by 2021.
The cost of the SOCAR GPC project, according to initial estimates, is about $4 billion. The ING Bank of the Netherlands, the China Development Bank and Russia’s Gazprombank are financial consultants in the project.