Azerbaijan to build a gas chemical complex jointly with Russia, Italy

Gazprombank, the Italian export credit agency, the Russian export credit agency EXIAR and Azerbaijani company 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 in Azerbaijan processing and gas chemical plants 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.

"Gazprombank Group is already 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.