Baku, Azerbaijan, June 19
By Azad Hasanli- Trend:
The State Oil Company of Azerbaijan (SOCAR) and Russia's Gazprombank have signed an agreement to finance the construction of plants for production of polypropylene and high density polyethylene by SOCAR Polymer company in Azerbaijan, said the message posted on the website of Gazprombank.
SOCAR Polymer is a joint venture between SOCAR and major industrial players in Azerbaijan - Pasha Holding, Azersun Holding and Gilan Holding.
The document 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.
"We focus on the long-term strategic partnership with SOCAR and considered the financing of SOCAR Polymer project as the next stage of cooperation," said Akimov.
He expressed hope that signing of the financial deal will allow Gazprombank to participate in financing of other major investment projects being implemented by SOCAR group of companies.
It is also planned to involve United Heavy Machinery Plants (OMZ) holding (part of Gazprombank Group) in this cooperation.
SOCAR Polymer project is implemented at Sumgait Chemical Industrial Park. The implementation of this project will allow to produce 180,000 metric tons of polypropylene and 120,000 metric tons of polyethylene per year.
It is planned to export the major part of the products to Turkey and West European countries.
Edited by SI
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