SOCAR intends to attract loan for modernization of chemical industry
Azerbaijan, Baku, June 2 / Trend E.Ismayilov /
The State Oil Company of Azerbaijan Republic (SOCAR) plans to attract credit for the implementation of two modernization projects at the Production Union (PU) Azerkimya, SOCAR Vice-President for Economic Affairs Suleyman Gasimov said today. The cost of these projects is estimated at about $100 million, he said.
"The company has such a desire and we're in some negotiations in this direction. In this regard, we have submitted proposals to the banks to finance these projects," Gasimov said.
Gasimov said loan on export on the basis of the exporting-country guarantees may be involved for these purposes.
Earlier, Azerkimya acted as a public company. Now it operates as the industrial association as a part of SOCAR. Mukhtar Babayev was appointed the head of PU. Earlier, he was vice-president of SOCAR on environmental issues.
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