SOCAR Polymer project secures $420m loan from Gazprombank

Sumgait Chemical Industrial Park

SOCAR Polymer: Russia’s Gazprombank has agreed to extend a $420m loan to Azerbaijan’s state oil company (SOCAR) for the construction of its polymer plant in the Sumgait Chemical Industrial Park. On completion the plant will have an annual production capacity of 200,000 metric tons of polypropylene and 120,000 metric tons of polyethylene. SOCAR is the only oil producer in Azerbaijan, and also owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. TREND