The Russian JSC Cryogenmash within the group Gazprombank will deliver the nitrogen plant commissioned by SOCAR Polymer, Gazprombank said.
The signing of the cooperation agreement between SOCAR and Gazprombank was held on June 17 at the St. Petersburg International Economic Forum.
"The agreement provides for the development and delivery by JSC Cryogenmash of a nitrogen unit in the framework of the project implemented by SOCAR Polymer for the construction of factories for the production of polypropylene and high density polyethylene. The plant will provide SOCAR Polymer with a high purity nitrogen gas," the information says.
"This agreement is an example of strategic partnership and cooperation between Gazprombank Group and the SOCAR group of companies," the head of SOCAR Rovnag Abdullayev said reportedly.
As reported, SOCAR Polymer was established by the State Oil Company of Azerbaijan with the authorized capital of $ 100 million. Since the end of 2013 SOCAR has had a 51% stake in this company, while 49% belong to Pasha Holding, Gilan Holding and Azersun Holding.
SOCAR Polymer is currently engaged in the implementation of projects for construction of plants for the production of polypropylene (the capacity of 180,000 tons per year) and high density polyethylene (the capacity of 120,000 tons per year) in Sumgait Chemical Industrial Park. The commissioning of the two plants is planned for 2018.
The total cost of the construction of the plants is $ 750 million, 40% of which will be financed by SOCAR Polymer shareholders, and the rest will be funded by OJSC Gazprombank.
The agreement on financing the construction of SOCAR Polymer plants between SOCAR and Gazprombank was signed on June 19, 2015. -0--
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