Azerbaijan to build a gas chemical complex jointly with Russia and Italy

(Trend News Agency, Baku, 18 June 2016) Gazprombank, the Italian export credit agency, the Russian export credit agency EXIAR and Azerbaijani company SOCAR have signed a Memorandum of Understanding (MoU) on the financing and construction of a gas chemical complex in Azerbaijan. The new large-scale petrochemical project envisages the construction in Azerbaijan processing and gas chemical plants with participation of Russian and Italian partners. According to preliminary estimates, total investment budget of the project is 3.5 billion USD. The potential volume of deliveries of Russian equipment and materials and the cost of construction and installation services to Russian contractors for the project will amount to 20% of the investment budget.