Kamyshev added that as a significant share in both Russia’s and Azerbaijan’s economy is occupied by the petrochemical industry. He added that the infrastructure is an essential part of the Azerbaijani economy.
“Part of it required a radical modernization, and it was important not to miss the moment. The Azerbaijani leadership understood this. We knew that SOCAR is a very demanding partner with whom it is necessary to be as frank and involved in the process as possible,” he said.
Kamyshev noted that Gazprombank is engaged in 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.
“The project is called SOCAR Polymer. The total cost is about $800 million. The first plant was commissioned in July 2019. This is a major breakthrough for the country’s economy, and a very interesting experience for us,” Kamyshev emphasized.
He said that the bank has now 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. He noted that the project’s budget is about $4 billion.
Kamyshev stressed that the bank intends to actively cooperate with local financial organizations during the implementation of projects in Azerbaijan.
In addition, the bank intends to offer a number of innovative hallmark products for sale in Azerbaijan.
