Gazprombank finances construction of two SOCAR plants

The State Oil Company of Azerbaijan (SOCAR) and Gazprombank have signed an agreement to finance the construction of plants for production of polypropylene and high density polyethylene by the SOCAR Polymer company.

The document was signed by the Chairman of the Management Board of Gazprombank, Andrey Akimov, and President of SOCAR, Rovnag Abdullayev, during the St. Petersburg International Economic Forum.

SOCAR Polymer is a joint venture between SOCAR and major industrial players in Azerbaijan – Pasha Holding, Azersun Holding and Gilan Holding.

Akimov noted that Gazprombank is focusing on the long-term strategic partnership with SOCAR and considers the financing of SOCAR Polymer project as the next stage of cooperation.

The SOCAR Polymer project is implemented at the Sumgait Chemical Industrial Park. The implementation of this project will allow 180,000 metric tons of polypropylene and 120,000 metric tons of polyethylene to be produced annually.