Press Releases and News

Discover what’s new at SACE: the world of exports, the latest news and market scenarios, the trends in Italian industry and the most interesting success stories.


Go to Press Releases and News

Agreements SACE - 17 June 2016

Cdp group, Socar, Exiar and Gazprombank sign MoU for petrochemical plant in Azerbaijan

A memorandum of understanding was signed today during the St. Petersburg International Economic Forum (SPIEF) – in the presence of Italian Premier Matteo Renzi and the President of the Russian Federation Vladimir Putin –  between the Cassa depositi e prestiti Group (through subsidiary SACE), SOCAR, the state petroleum company of the Republic of Azerbaijan, EXIAR, the Russian export credit agency, and the Gazprombank group.


The agreement was signed by Fabio Gallia, Managing Director of the Cassa depositi e prestiti (Cdp) Group, Rovnag Abdullayev, President of SOCAR, Alexey Tyupanov, Chairman and Managing Director of EXIAR, and Andrey Akimov, CEO of Gazprombank.


With this agreement, the companies are expressing their mutual interest in financing the GPC Project, which involves the construction of a petrochemical plant at Garadagh, near Baku, in Azerbaijan, intended to supply Europe, Turkey and China.


The role of the Cdp Group, through subsidiary SACE, is to support the contracts that might be assigned to Maire Tecnimont, which has acted as promoter of the initiative and is well positioned for the EPC (engineering, procurement and construction) phase of the project.


The project calls for the construction of a gas treatment plant with an annual capacity of 10 BCM (billion cubic meters) of natural gas, a polyethylene plant with a capacity of 570,000 tons/year, a propylene unit with a capacity of 120,000 tons/year, and the related infrastructures.


The International Economic Forum of St. Petersburg (SPIEF) is one of the most important annual events dedicated to the principal economic issues regarding Russian, the emerging markets, and the world as a whole, attracting 10,000 participants in its 2015 edition.


Russia comes to the forum in the hope of reviving the dialogue with the international community, and Italy looks with interest to the future evolution of the context. Not coincidentally, Russia is the no. 13 market for Italian exports, which in 2015 totaled € 7.1 billion (25% less than in 2014). Based to the projections of the new Export Report of SACE (Cdp Group), the negative trend in Italian exports to Russia will improve in coming years: it will remain negative for the current year (projected at - 8%, improved over the - 25% of 2015) and will become positive in 2017 and 2018 (+ 1.8% and + 1.9%, respectively).


With this agreement, the Cassa depositi e prestiti Group confirms its commitment to bolster the international competitiveness of the Italian business system by integrating the services of SACE with those of Cdp for export and with subsidiary SIMEST to promote investments by Italian


companies abroad and sustain them from the technical and financial standpoint. For this purpose, as stated in its business plan, the Cdp Group expects to mobilize resources of € 63 billion by 2020.


Would you like more information?
Contact us +39 06.6736.888 [email protected]


Check our up-to-date schedule of meetings, courses, seminars and workshops related to the world of SACE.


Check out all the events

Media Gallery

Videos and photos to keep up-to-date with the latest news from SACE: interviews, presentations and much more besides.

Social Media

Social networks represent a privileged communication channel for SACE to maintain a constant contact with all stakeholders.

We are present on all major social platforms:

X: is our leading communication channel out there where we talk about all of our initiatives, operations with our customers and where we live our events live.

Facebook: On the page, given the vast and heterogeneous audience, we find in depth the stories of Italian companies we support all over the world and our insights on countries and sectors by our economists.

Linkedin: In this platform, which collects a professional audience, we publish all our economic studies and job ads.

Youtube: All our interviews to our customers, our people, our video tutorials from our economists, and success stories find room in our YouTube channel.

Press Kit

Would you like more information?



[email protected]