At Economic Forum Understanding between CDP Group (with SACE), Socar, Exiar and Gazprombank Group to build petrochemical plants
In the second day of the International Economic Forum in St. Petersburg, Russia, the CDP Group expressed interest in financing the GPC project, which involves the construction of a petrochemical plant in Garadagh, near Baku, in Azerbaijan, intended to supply Europe, Turkey and China.
In the presence of Italian Prime Minister Renzi and Russian President Putin, an agreement was signed between SACE, SOCAR (the State Oil Company of the Azerbaijan Republic), Exiar (the Russian agency for export credit) and Gazprombank Group. The CDP Group will work in support of the orders that may be assigned to Maire Tecnimont, promoter of the initiative.
The GPC Project includes the construction of a gas treatment plant with a capacity of about 10 BCM (billion cubic meters) per year, of a polyethylene plant, with a capacity of about 570,000 tons per year, of a unit of propylene with a capacity of about 120,000 tons per year, in addition to the related infrastructure.