Baku – APA-Economics. Within the 18th Petersburg International Economic Forum, Azerbaijan Methanol Company (AzMeCo) and Russian SberBank have signed a memorandum defining priorities of cooperation and mutual activity of the sides.
The document has been signed by the Deputy Chairman of the Management Board at Sberbank Sergey Gorkov and chairman of AzMeCo’s Board of Directors Nizami Piriyev.
According to memorandum, SberBank will allocate $1.5 bln to AzMeCo for financing several projects. These funds will allow refinancing methanol factory in Garadakh district n amount of $450 mln, long-term project financing of commercial spheres in Moscow, as well as construction of methanol factory in the south-east of Russia.
The memorandum has been signed for 5 years, including prolongation. Concrete projects will be regulated under separate contracts. This memorandum does not limit AzMeCo to cooperate with other banks.
AzMeCo Executive Director Nasib Piriyev noted that AzMeCo will be the first company that SberBank finances in Azerbaijan.
In turn, Gorkov said that Azerbaijan is one of the main shareholders in Turkish economy: “Therefore, Azerbaijani market is interesting for SberBank Group. Cooperation with AzMeCo is an opportunity for us to extend customer base in Azerbaijan”.
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