TODAY.AZ / Business

Gazprombank to implement new projects in country

10 September 2019 [14:12] - TODAY.AZ

By Azernews

By Leman Mammadova

Russia’s Gazprombank already has successful experience in financing projects in Azerbaijan, including those in petrochemicals, oil and gas processing industries, agriculture, transport and communications.

Gazprombank plans to implement a number of projects in Azerbaijan that would cover not only the energy sector, the bank told Trend.

However, projects in oil, gas and petrochemicals are the main priority directions for Gazprombank’s financing in Azerbaijan.

“We have already implemented some large-scale projects in this area and plan to continue cooperation with Azerbaijan’s state oil company SOCAR,” said the bank.

The Gazprombank Group includes many different companies that operate not only on the financial market, but also on the markets of precious metals, oil and gas, construction and others.

As for activities in Azerbaijan, the bank participated in financing the SOCAR Polymer project, allocating a loan in the amount of $489 million. Gazprombank has also financed the modernization of Azerikimya Production Union enterprises.

Last fall, Gazprombank also concluded an agreement with SOCAR and the Russian Export Center. The agreements allows the bank to support the supply of Russian equipment and services that are in demand in Azerbaijani projects.

The bank is also interested in participating in the financing of construction project of SOCAR GPC complex. Gazprombank is ready to provide up to $700 million for the project.

The company plans to use the most advanced technologies, Technip, Axens, Sinopec Tech and Univation, in the construction of new enterprise.

The SOCAR GPC complex will consist of gas processing and polymer plants. The complex will annually produce 9.1 billion cubic meters of purified gas, 600,000 tons of low and high pressure polyethylene, 130,000 tons of propylene, 42,000 tons of benzene, 25,000 tons of gasoline. As much as 32,000 tons of butene-1 and 21,000 tons of hexene-1 for internal use will also be produced.

The construction of the facility is scheduled to begin at the end of the first quarter of 2020 so that the production of finished products is expected to begin in the third quarter of 2023.

Recently, Gazprombank signed a cooperation agreement with International Bank of Azerbaijan (IBA). The agreement provides for the interaction of the parties with the aim of potential financing of investment and other commercial projects in Azerbaijan.

The bank also concluded an intent protocol with Azerbaijan Export and Investment Promotion Foundation (AZPROMO).  The parties plan to cooperate in the development of common communication platforms between expert communities and business circles of Russia and Azerbaijan to stimulate business cooperation in various fields.


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