Russian Gazprombank allocates $420 mln loan to SOCAR – SOCAR and Gazprombank signed a document

Baku: On December 13, President of the State Oil Company of Azerbaijan Rovnag Abdullayev held a meeting with the delegation led by Chairman of Management Board of Russian Gazprombank Andrey Akimov in the head office of SOCAR.

SOCAR told APA-Economics that Abdullayev spoke about achievements gained by SOCAR during recent years, gave information about regional and global projects to be implemented in the years coming.

In turn, A. Akimov noted that great successes have been achieved in Azerbaijan’s energy sector. He underlined that SOCAR gained prestige in the recent years and his bank is interested in cooperation with the company.

Thereafter, presentations on Sumgait Chemical Industrial Park (SCIP), as well as new Oil and Gas Processing and Petrochemical Complex (OGPC) were held.

The guests were given information about aim, perspectives, financial sources and current process of the projects presented by responsible persons of e SOCAR and Ministry of Economy and Industry.

Thereafter, SOCAR and Gazprombank signed request on proposals (RFP) on giving loan for SOCAR POLYMER project implementing in SCIP. The document envisages allocation of $420 mln loan by Gazprombank for the project, which is designed to produce 200,000 tonnes of polypropylene and 120,000 tonnes of polyethylene per year.

After signing, A. Akimov said that SOCAR gained confidence with its international energy and financial sector. The loan, given for 10 years and without requiring guarantee, is an obvious indicator of confidence to SOCAR. It was also noted at the event that Gazprombank opened credit limit for SOCAR in amount of $2 bln.