Azerbaijani Economy 12 march — 14:24

Gazprombank, SOCAR preparing new $700-million project

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Russia's Gazprombank and the State Oil Company of Azerbaijan (SOCAR) plan to implement a joint project estimated at $700 million, Deputy Chairman of Management Board at Gazprombank Famil Sadygov said during the business seminar “Azerbaijan on the way to the implementation of investment projects: the possibilities of Gazprombank”.

"Gazprombank and Azerbaijani partners enjoy many years of cooperation thanks to the successfully developing relations between Azerbaijan and Russia," Sadygov said. As to him, SOCAR is Gazprombank's major partner in Azerbaijan. As an example of cooperation he cited financing of the SOCAR Polymer plant in the Sumgayit chemical and industrial park. Notably, SOCAR Polymer raised a $489-million loan from Gazprombank for the term of 10 years. The agreement on funding the construction of SOCAR Polymer plants was signed between SOCAR and Gazprombank on June 19, 2015.

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