Gazprombank ready to allocate billions for projects in Azerbaijan | Eurasia Diary - ednews.net

25 March, Monday


Gazprombank ready to allocate billions for projects in Azerbaijan

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Gazprombank is ready to allocate up to $3 billion for projects in Azerbaijan, Famil Sadigov, deputy chairman of the bank, told reporters in Baku on March 12, Trend reports.

Sadigov noted that Gazprombank considers Azerbaijan's State Oil Company SOCAR a reliable partner and is ready to continue cooperation.

He added that Gazprombank has financed the SOCAR Polymer project in Azerbaijan and the modernization of Azerikimya Production Union enterprises.

Sadigov said the bank is also interested in participating in the financing of the construction project of SOCAR GPC complex. He added that Gazprombank may allocate $400-800 million for the project.

The SOCAR GPC complex will consist of gas processing and polymer plants. The complex will annually produce 9.1 billion cubic meters of purified gas, 600,000 tons of low and high pressure polyethylene, 130,000 tons of propylene, 42,000 tons of benzene, 25,000 tons of gasoline. There will also be produced 32,000 tons of butene-1 and 21,000 tons of hexene-1 for internal use.

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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