Gazprombank allocates 490 million USD loan to SOCAR

Baku. 19 June. REPORT.AZ/ Russian "Gazprombank" JSC and the State Oil Company of Azerbaijan (SOCAR) signed a loan agreement today. 

Agreement was signed by the Chairman of the Management Board of Gazprombank, Andrey Akimov and President of SOCAR, Rovnag Abdullayev. 

Report informs referring to the Bank, an agreement was signed during the International Economic Forum in St. Petersburg.

According to the terms of the contract Investment Committee of Gazprombank approved a loan of 489 million US dollars for 10 years for "SOCAR Polymer" plant on financing the production of polypropylene and high density polyethylene.

Speaking during the signing ceremony A.Akimov said that he was pleased to sign such a deal with SOCAR:"We intend to establish the long term strategic cooperation with SOCAR. Financing the "SOCAR Polymer" project is the next stage of this cooperation.I believe that the closure of the financial agreement will create conditions for participation in other projects carried out by SOCAR.It is also planned to involve United Engineering Factories (OMZ)  in cooperation.

On December 13, 2014 SOCAR and "Gazprombank" JSC signed a collection of basic conditions for a loan for the project SOCAR Polymer, which is implemented in Sumgait Chemical Industrial Park.

According to the document, the decision was made on a loan from "Gazprombank" JSC in the amount of 420 mln USD for the production of 200 thousand tons of polypropylene and 120,000 tons of polyethylene.