Under the agreement signed on Friday by SOCAR President Rovnaq Abdullayev and the head of Gazprombank's management board, Andrei Akimov, the Azerbaijani company will borrow $489 million to finance construction of two plants (polypropylene and polyethylene) in the city of Sumqayit.

The loan is for 10 years.

Gazprombank seeks to expand cooperation with SOCAR, Akimov said in a statement on the bank’s website.

He said the loan agreement will enable the lender to participate in other major projects being implemented by SOCAR.