GAZPROMBANK READY TO FINANCE EQUIPMENT SUPPLY FOR SOCAR GPC PROJECT
Gazprombank is considering the possibility of financing the supply of Russian equipment for SOCAR GPC gas processing and petrochemical complex project worth $700 million, chairman of the management board of the bank Andrey Akimov said.
Akimov made the remarks at the signing ceremony of a trilateral agreement between Azerbaijan’s state oil company SOCAR, Gazprombank and the Russian Export Center (REC).
According to the agreement, Gazprombank will render banking services, as well as carry out potential financing of current and investment activity in the direction of modernization of SOCAR’s production facilities and purchase and sale of industrial equipment.
The Russian Export Center intends to provide Russian commercial banks with an insurance guarantee for the supply of Russian equipment, as well as work and services for SOCAR, and consider the issue of subsidizing interest rates.
“The signed agreement testifies that the cooperation between Gazprombank and SOCAR is of a long-term, strategic and mutually beneficial nature,” Akimov added. “Today, the bank is considering an opportunity of financing supply of Russian equipment for SOCAR GPC gas processing and petrochemical complex project worth $700 million. This is a brilliant example of using financial and technological capabilities of Gazprombank in the implementation of the biggest industrial projects.”