The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, “Korea Eximbank”) announced on January 16 that it will provide EUR 500 million for the Carbamide Plant Project in Azerbaijan in which Samsung Engineering Co., Ltd. participates as the EPC contractor.

 This project is sponsored by the State Oil Company of Azerbaijan Republic with the aim of constructing ammonia and urea producing units and related facilities in Sumgayit, Azerbaijan.

 Upon completion, this project, being implemented pursuant to the "State Programme for the Development of Industry for 2015-2020", is expected to produce 420 thousand tons of ammonia and 700 thousand tons of urea each year, which would substitute foreign imports of fertilizers in Azerbaijan.

 A Korea Eximbank official said, "Korea Eximbank's financing for this project contributes to economic cooperation between Korea and Azerbaijan and to establishment of the foundation for Korean companies to win other large-scale projects which might be awarded by the Azerbaijan government." He added, "This financing also serves as an impetus for Korean companies in the plant industry seeking to invigorate their businesses."