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05.12.2016 12:42

Questions appear with financing for SOCAR carbamide plant project in Azerbaijan

President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev has received Choong Heum Park, president and CEO of Samsung Engineering Co.

According to SOCAR, the sides discussed the matters of engineering of the SOCAR carbamide plant in Sumgait and financing of works.

"The engineering was carried out by 100% and construction by about 58%. In particular, the general work on the project was carried out by approximately 88%. Negotiations with the Korean Export-Import Bank and commercial banks about raising a 500 million loan to finance construction works continue successfully and will be completed in the near future," Abdullayev said.

Mr. Park reminded that in accord with the schedule the plant should be built until the end of 2017, in order to be put into operation from the beginning of 2018.

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