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SOCAR President Attends St. Petersburg International Economic Forum

Source: www.gulfoilandgas.com 6/18/2016, Location: Asia

SOCAR President Rovnag Abdullayev attended the St. Petersburg International Economic Forum on June 16-18, 2016 and held a series of bilateral meetings within the framework of the Forum. A working meeting with Alexey Miller, Chairman of the Gazprom Management Committee, highlighted the prospects for expanding trading operations with gas, liquid hydrocarbons, and petrochemical products, as well as increasing gas supplies.

SOCAR and Gazprombank signed a cooperation agreement about the construction of nitrogen unit by Russia’s Cryogenmash for SOCAR Polymer’s Polypropylene and High-Density Polyethylene Plant.

A Memorandum of Understanding was signed between SOCAR, Gazprombank and the export credit and investment agencies EXIAR (Russia) and SACE (Italy) on financing and construction of gas chemical complex in Azerbaijan.

The document was signed in the presence of President Vladimir Putin of Russia and Prime Minister Matteo Renzi of Italy. Gazprombank will finance the project of SOCAR Gas Plastics Company, which opens new opportunities for Gazprombank Group of Companies to fund and supply Russian equipment abroad. According to preliminary estimates, the total investment budget of the project is $3.5 bn.

The potential volume of supply of Russian equipment and materials and the cost of construction and installation services of Russian contractors for the project will be up to 20% of the investment budget. Gazprombank estimated the large-scale projects carried out jointly with SOCAR as a good example of combining financial and technological capabilities of the Group.

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