SOCAR, Russia’s Gazprombank signs a loan agreement for construction of SOCAR Polymer plants

Baku, June 22, AZERTAC

State Oil company of Azerbaijan Republic (SOCAR) has signed an agreement with Russia’s Gazprombank on providing a loan facility for construction of SOCAR Polymer polypropylene and high-density polyethylene plants in Azerbaijan.

According to the bank, the document was signed by Andrey Akimov, Chairman of the Board at Gazprombank, and Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR), on June 19, within the framework of the International Economic Forum in St. Petersburg.

The investment committee of Gazprombank has approved a $489 loan facility for SOCAR Polymer with 10-year term.

“We focus on long-term strategic partnership with SOCAR Group and consider funding for the SOCAR Polymer project as another stage of cooperation. We expect that this financial deal will enable the bank to participate in financing of other large investment projects implemented by the SOCAR Group. We also plan to involve United Machine-building Plants Holding (UMP), as a member of Gazprombank Group, to this cooperation,” Andrey Akimov emphasized.

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