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Gazprombank opens 2 billion USD credit limit for SOCAR

Primarily, Russian bank allocated to SOCAR 420 million dollars

Baku. 13 December. REPORT.AZ/ Collection of Basic Requirements was signed today between the State Oil Company of Azerbaijan Republic (SOCAR) and Gazprombank OJSC of Russian Federation for the SOCAR Polymer project implemented at Sumgayit Chemical Industrial Park. The document was signed by the President of SOCAR Rovnag Abdullayev and Chairman of Board of Gazprombank OJSC Andrey Akimov.

Report informs referring the information given by SOCAR, implementation of SOCAR POLYMER project, for which the loan has been allocated, was decided to produce 200,000 metric tons of polypropylene and 120,000 metric tons of polyethylene.

Chairman of Board of Gazprombank OJSC Andrey Akimov says, the loan has been allocated to SOCAR for 10 years and Gazprombank will not demand any guarantees for this loan.

Gazprombank opened a credit limit for SOCAR in sum of 2 billion dollars, the bank official also stressed. 

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