SOCAR Polymer fully uses Gazprombank loan
Director General of SOCAR Polymer LLC Farid Jafarov said that the company has fully used the loan provided by Russia's Gazprombank.
In June 2015, the Azerbaijani state-owned company SOCAR and the Gazprombank signed an agreement on financing the construction of polypropylene and high-density polyethylene plants under the brand name of SOCAR Polymer in Azerbaijan.
According to the agreement, the investment committee of Gazprombank approved a loan for SOCAR Polymer company in the amount of $489 million with a maturity of 10 years.
The SOCAR Polymer project is implemented in Sumgait Chemical Industrial Park. At the first stage, SOCAR Polymer’s production capacity will be 120,000 tons of polyethylene and 180,000 tons of polypropylene. By 2021, the total capacity can reach 570,000 tons of products.
The plant will produce 19 types of products from polypropylene and 12 types of products from high density polyethylene. The products will be used, in particular, in the food and medical industries, as well as in agriculture and car manufacturing, Trend reported.