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.
Gazprombank 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 cu m 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 1st quarter of 2020 so that the production of finished products is expected to begin in the 3rd quarter of 2023.