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Russia's Gazprombank ready to finance supply of equipment for SOCAR GPC project

Oil&Gas Materials 2 September 2018 12:32
Russia’s Gazprombank is considering the possibility of financing the supply of Russian equipment for SOCAR GPC gas processing and petrochemical complex project worth $700 million, chairman of the management board of the bank Andrey Akimov said.
Russia's Gazprombank ready to finance supply of equipment for SOCAR GPC project

Baku, Azerbaijan, Sept. 2

By Ilkin Shafiyev – Trend:

Russia’s Gazprombank is considering the possibility of financing the supply of Russian equipment for SOCAR GPC gas processing and petrochemical complex project worth $700 million, chairman of the management board of the bank Andrey Akimov said.

Akimov made the remarks at the signing ceremony of a trilateral agreement among Azerbaijan’s state oil company SOCAR, Gazprombank OJSC and the Russian Export Center (REC).

The document is aimed at meeting the needs of projects being implemented by SOCAR in Russian-made equipment, as well as in work and services.

According to the agreement, Gazprombank will render banking services, as well as carry out potential financing of current and investment activity in the direction of modernization of SOCAR's production facilities and purchase and sale of industrial equipment.

The Russian Export Center intends to provide Russian commercial banks with an insurance guarantee for the supply of Russian equipment, as well as work and services for SOCAR, and consider the issue of subsidizing interest rates.

"The signed agreement testifies that the cooperation between Gazprombank and SOCAR is of a long-term, strategic and mutually beneficial nature," he added. “Today, the bank is considering an opportunity of financing supply of Russian equipment for SOCAR GPC gas processing and petrochemical complex project worth $700 million. This is a brilliant example of using financial and technological capabilities of Gazprombank in the implementation of the biggest industrial projects."

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Follow the author on Twitter: @IlkinShafiyev

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