Memorandum on Financing and Construction of Gas Chemical Complex in Azerbaijan Signed at SPIEF 2016

In the framework of St. Petersburg International Economic Forum (SPIEF), Russia's Gazprombank, the Italian export credit agency SACE, Russia's export credit agency EXIAR and SOCAR signed a Memorandum of Understanding on the financing and construction of a gas chemical complex in Azerbaijan on June 17.

The ceremonial signing of the document took place in the presence of Russian President Vladimir Putin and Italian Prime Minister Matteo Renzi.

The memorandum provides for the construction of a large petrochemical complex in Azerbaijan, including processing and gas chemical plants.

According to preliminary estimates, the total investment cost of the project is 3.5 billion US dollars.

"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," the Chairman of the Board of Gazprombank Andrei Akimov said.

As the head of the Board of Directors EXIAR Peter Fradkov told RIA Novosti, the implementation of this project involves the supply of equipment both from Italy and Russia. "In cooperation with SACE we implement and insure risks in this project and thus attract funding from the Russian bank, Gazprombank," he explained. -0-