(AA) – Russian bank Gazprombank granted SOCAR, Azerbaijan’s state-owned national oil company, $420 million in credit to support the company’s Polymer factory, according to a statement released on Saturday by SOCAR.
Gazprombank’s Board Chairman, Andrey Akimov, and Rovnag Abdullayev, head of SOCAR, met in Baku, capital of Azerbaijan, to sign a loan agreement of $420 million.
The loan will support SOCAR’s Polymer factory, located in Sumgait Chemical Industrial Park.
The credit will be provided for the next 10 years, without any demands for a guarantee by SOCAR, and the Russian bank will open a $2 billion credit limit to the company, the statement said.
SOCAR Polymer will produce 200,000 tons of polypropylene and 120,000 tons of polyethylene annually.
Polypropylene is a thermoplastic polymer used in a wide variety of applications including packaging, labeling and textiles.
Polyethylene is the most common plastic of which approximately 80 million tons is produced globally every year.