SOCAR to borrow $420 million from Gazprombank

The agreement was signed on Dec. 13 in Baku, the Azerbaijani capital, SOCAR said in a statement on its website.

Gazprombank also agreed to open a $2 billion loan limit for SOCAR.

The polymer plant to be built in Sumqayit, a city 30 km north of Baku, will have a capacity of 200,000 tons of polypropylene and 120,000 tons of polyethylene a year, SOCAR said.

It gave no details of the loan agreement.