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Russia's Gazprombank plans to implement new industrial project in Azerbaijan (Exclusive)

Finance Materials 26 March 2019 09:42 (UTC +04:00)
Gazprombank, as part of its cooperation with the Azerbaijani state oil company SOCAR, plans to implement a new, expensive industrial project
Russia's Gazprombank plans to implement new industrial project in Azerbaijan (Exclusive)

Baku, Azerbaijan, Mar. 13

By Matanat Nasibova – Trend:

Gazprombank, as part of its cooperation with the Azerbaijani state oil company SOCAR, plans to implement a new, expensive industrial project, Alexey Chichkanov, First Vice-President of Gazprombank, told Trend.

According to him, the volume of investments in the new joint project will exceed the amount invested in the construction of the polypropylene production plant in Azerbaijan threefold.

"This will be a very large-scale project in the field of industry. We are currently consulting, discussing all the details and parameters of interaction. At the same time, we are studying agricultural projects, but it is still too early to name specific partners and the facilities that will be built in Azerbaijan. We see a prospect in the implementation of agricultural projects, because the trade turnover of agricultural products between Russia and Azerbaijan is the biggest," Chichkanov said.

According to him, it is about financing in connection with the creation of enterprises by Azerbaijani and Russian investors.

"It could be joint ventures or facilities for the production and processing of agricultural products, the construction of which is planned in Azerbaijan. We also expect to develop public-private partnership in Azerbaijan. It seems to us that the construction of toll roads from Baku towards the border with the Russian Federation or the reconstruction of railroads could be implemented on the basis of public-private partnership," he said.

Chichkanov went on to say that Gazprombank is counting on a long-term and fruitful cooperation with SOCAR in the future.

"Today we have a large project for building a polypropylene production plant with the Azerbaijani state oil company SOCAR. It has already been commissioned, and this is one of the largest industrial projects implemented in Azerbaijan," he said.

The Gazprombank Group includes many different companies that operate not only on the financial market, but also on the markets of precious metals, oil and gas, construction and others.

In Azerbaijan, the bank participated in financing the SOCAR Polymer project, allocating a loan in the amount of $489 million. Last fall, Gazprombank also concluded an agreement with the Azerbaijan's State Oil Company SOCAR and the Russian Export Center. The agreements will allow the bank to support the supply of Russian equipment and services that are in demand in Azerbaijani projects.

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