ECONOMY


SOCAR hosts Samsung delegation

Baku, December 3, AZERTAC

SOCAR President Rovnag Abdullayev has received a delegation led by President and CEO of Samsung Engineering Co., Ltd. Choong-Heum Park.

The meeting focused on the discussions on the Carbamide Plant project and touched issues of mutual interest, including the funding of the project. Mr. Abdullayev stated that the construction project of SOCAR Carbamide Plant was realised within the “State Program on the reliable food supply of population in the Azerbaijan Republic in 2008-2015'', approved by the relevant order of the President of Azerbaijan.

In the course of the meeting, it was noted that in total, 88% of the project work, including 100% of the plant's design work and about 58% of construction work were completed. According to SOCAR President Rovnag Abdullayev, negotiations with the Korean Export-Import Bank and several international commercial banks to attract the amount of 500 million euros for long-term financing of the project are successfully underway and will be completed in the near term.

Mr. Park expressed confidence that the construction of the plant will be completed on schedule at the end of 2017 and will be completed as envisaged in the beginning of 2018.

Afterwards, Mr. Abdullayev expressed satisfaction in the cooperation with the Samsung Engineering company. In turn, Mr. Park thanked SOCAR President for meeting and expressed readiness to continue the cooperation between the companies in the future.

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