Gazprombank, the Italian export credit agency, the Russian export credit agency EXIAR and the State Oil Company of Azerbaijan SOCAR have signed a Memorandum of Understanding (MoU) on the financing and construction of a gas chemical complex in Azerbaijan.
The signing ceremony took place in the presence of Russian President Vladimir Putin and Italian Prime Minister Matteo Renzi in St. Petersburg International Economic Forum (SPIEF). New large-scale petrochemical project envisages the construction of gas processing and gas chemical plants in Azerbaijan with participation of Russian and Italian partners.
According to preliminary estimates, total investment budget of the project is 3.5 billion USD. The potential volume of deliveries of Russian equipment and materials and the cost of construction and installation services to Russian contractors for the project will amount to 20% of the investment budget.
“The Gazprombank Group has been implementing a number of large projects with SOCAR in Azerbaijan. This mutually beneficial cooperation is a good example of combining the financial and technological capabilities of the Group", Chairman of the Board of Gazprombank, Andrey Akimov said.
SOCAR Polymer is an international project, the first project of its kind and scale in the petrochemical industry in Azerbaijan implemented over the past 40 years. The plants of the company are being built on the territory of Sumgayit Chemical Industrial Park, established on the basis of the Decree of the President of Azerbaijan Republic Ilham Aliyev. The SOCAR Polymer projects consists of the High Density Polyethylene plant with an annual capacity of 120 thousand tons and the Polypropylene plant with a capacity of 180 thousand tons per year.