On December 13, 2014 in Baku State Oil Company of Azerbaijan (SOCAR) and Gasprom bank signed the agreement to allot $420 million worth credit for construction of SOCAR Polymer plant.
SOCAR press office reported that the agreement has been signed by SOCAR President Rovnag Abdullayev and Andrei Akimov, chairman of Board of Gasprombank.
“The credit was allotted for 10 years without guarantees, which shows that Azerbaijan and SOCAR – locomotive of the oil and gas industry - enjoy confidence,” said Akimov.
The bank has also opened a credit limit to the amount of $2 billion for SOCAR.
The plant, which is going to be built on the territory of the Sumgait chemical industrial park, will manufacture 200,000 tons of polypropylene and 120,000 tons of polyethylene a year.
In early July 2014 Zaur Mammadov, Deputy Director of the Sumgait chemical industrial park, told journalists that construction of SOCAR Polymer plant will begin at the end of this year and will be completed in two years.
It was initially planned that construction of the polymer plant will cost $335 million. The technologies of Lyonell Basell Industries company will be applied at the plant.—0—
Economics
-
Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
-
Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
-
The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
-
But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
Leave a review