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Gazprombank: Azerbaijan has huge potential for renewable energy

A significant share in both Russia’s and Azerbaijan’s economy is occupied by the petrochemical industry

Gazprombank: Azerbaijan has huge potential for renewable energy

Moscow, July 1 - Neftegaz.RU. Azerbaijan has a huge potential for renewable energy, Denis Shulakov, 1st Vice President of Gazprombank, Head of the Gazprombank's Capital Markets Block said, Trend reported.

Shulakov made the remark at an online meeting with Azerbaijani Energy Minister Parviz Shahbazov.
During the meeting, the parties discussed prospects for cooperation in the energy sector.

The sides also noted the potential of Azerbaijan in terms of renewable energy sources.
Furthermore, ongoing reforms in the sector, the work done and planned plans, as well as the opportunities that this process will create for the private sector, were discussed.

Gazprombank representatives were informed about the mechanisms of green bonds, green investments and green financing, which can be used for the transition to a low-carbon economy, expanding the use of renewable energy sources and energy efficiency measures.

Gazprombank is engaged in SOCAR Polymer, a large project in Azerbaijan to build factories for the production of polypropylene and high density polyethylene.
The production site is located in the Sumgait Chemical Industrial Park, 30 km from Baku.

Last year, Gazprombank launched the 2nd large project in Azerbaijan - the construction of the SOCAR GPC gas processing and petrochemical complex, where Gazprombank acts as a financial consultant.

Author: Fidan Babayeva

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