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SOCAR & Russian Gazprombank Signed Collection of Basic Requirements

Source: 12/13/2014, Location: Asia

President of the State Oil Company of Azerbaijan Rovnag Abdullayev received the delegation led by Andrey Akimov, Chairman of Russian the Gazprombank Management Board in the Head Office of SOCAR. Welcoming the guests, Mr. Abdullayev spoke about achievements gained by SOCAR during recent years, gave detailed information about regional and global projects to be implemented by the Company in the coming years.

In turn, Mr. Akimov noted the great achievements in Azerbaijanís energy sector. According to him, SOCAR gained prestige in the recent years and his bank is interested in cooperation with the Company. Then, presentations on Sumgait Chemical Industrial Park (SCIP), as well as new Oil and Gas Processing and Petrochemical Complex (OGPC) were held. The guests were given detailed information about the goals, prospects, financial sources and current status of the projects presented by officials of SOCAR and the Ministry of Economy and Industry.

Afterwards, Collection of Basic Requirements was signed today between SOCAR and Russian Gazprombank OJSC on allocating loan for the SOCAR Polymer project implemented at Sumgait Chemical Industrial Park. Under the document, Gazprombank allocates USD 420 mln loan for the project, which envisages production of 200,000 metric tons of polypropylene and 120,000 metric tons of polyethylene.

Speaking at the meeting, Chairman of Board of Gazprombank OJSC Andrey Akimov said, the loan was allocated to SOCAR for 10 years and Gazprombank would not demand any guarantees for this loan. Besides, it was also noted that Gazprombank opened a credit limit for SOCAR in sum of USD 2 billion.

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