President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev and Chairman of the Management Board of Gazprombank Andrey Akimov have signed an agreement on cooperation in the framework of St. Petersburg International Economic Forum (SPIEF). The agreement ensures the provision of nitrogen unit by a member of the Gazprombank Group - "Cryogenmash" PJSC for a joint project with GPB for construction of SOCAR Polymer PP and HDPE plants.
This unit will meet the demand of high-purity nitrogen gas for SOCAR Polymer project.
Nitrogen production plant of "Cryogenmash" PJSC is based on the most advanced technical and engineering solutions in the industry, thereby reducing capital costs and provide a more cost-effective modes of operation as compared to the equipment of the leading foreign companies.
"This agreement is an example of strategic partnership and cooperation between Gazprombank Group and Group of Companies SOCAR", said President of SOCAR Rovnag Abdullayev.