President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev and Chairman of the Management Board of Gazprombank Andrey Akimov have signed an agreement on cooperation in the framework of St. Petersburg International Economic Forum (SPIEF). Accorrding to the press service of Gazprombank, the agreement provides the development and delivery of a member of the Gazprombank Group - "Cryogenmash" PJSC nitrogen unit for a joint project with GPB construction of SOCAR Polymer plants for production of polypropylene and high density polyethylene.

The installation will provide for demand of SOCAR Polymer for high-purity nitrogen gas within the project.

Nitrogen production plant of "Cryogenmash" PJSC is based on the most advanced technical and engineering solutions in the industry, thereby reducing capital costs and provide a more cost-effective modes of operation as compared to the equipment of the leading foreign companies.

"This agreement is an example of strategic partnership and cooperation between Gazprombank Group and Group of Companies SOCAR", said President of SOCAR Rovnag Abdullayev.