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Gazprombank to invest in petrochemical projects in Azerbaijan

CIS PETROCHEMICALS

Gazprombank to invest in petrochemical projects in Azerbaijan

Russia’s Gazprombank plans to implement several projects in Azerbaijan, said the bank’s Vice President Denis Kamyshev, Azernews reports.

Kamyshev noted that Gazprombank is engaged in a large project in Azerbaijan to build factories for the production of polypropylene and high-density polyethene. The production site is located in the Sumgait Chemical Industrial Park, 30 km from Baku.

The project is called SOCAR Polymer. The total cost is about $800 million. The first plant was commissioned in July 2019. This is a major breakthrough for the country’s economy and very interesting experience for us.

Denis Kamyshev, Vice President, Gazprombank

He said that the bank has now launched the construction of the SOCAR GPC gas processing and petrochemical complex, where Gazprombank acts as a financial consultant. He noted that the project’s budget is about $4 billion.

Kamyshev noted that Gazprombank has outlined positive dynamics in the bank’s relations with Azerbaijan’s business, as well as with local authorities. Also, the bank intends to offer a number of innovative hallmark products for sale in Azerbaijan.

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