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Russian banks confirm stability and reliability of SOCAR

Economy Materials 13 December 2014 19:02 (UTC +04:00)
Today, Azerbaijan and its state oil company the SOCAR have proved to be reliable partners among all key political and economic players in the world
Russian banks confirm stability and reliability of SOCAR

Baku, Azerbaijan, Dec. 13

By Emil Ismayilov - Trend:

Today, Azerbaijan and its state oil company the SOCAR have proved to be reliable partners among all key political and economic players in the world.

SOCAR, which is a driving force of Azerbaijan's economy, continues moving toward becoming a major transnational company and increasing its weight in international market.

A striking example of SOCAR's positive international image is the allocation by Russia's Gazprombank of a 10-year guarantee-free loan worth $420 million.

The loan was allocated for establishment of production of polypropylene and polyethylene of low pressure as part of the creation of Sumgait Chemical Industrial Park in Azerbaijan.

The Russian bank also opened a loan limit of $2 billion for the SOCAR.

Not every company in the current tendency of falling oil prices can attract loans for large energy projects.

This objective is achieved only by relatively stable companies that have confirmed their reliability and stability, and SOCAR's opportunities to attract such loans speak for themselves.

Another example of the trust in SOCAR is the fact that recently the Export Development Canada (EDC), a Canadian export credit agency, became a leading organizer of a syndicated loan worth $3.3 billion, allocated by a consortium of banks for the project of construction of SOCAR's STAR oil refinery in Turkey.

As part of this deal, the EDC allocated $150 million.

Today, SOCAR is a party to major energy projects, maintaining its positions, both on the regional and international levels.

The company is also engaged in the retail sale of petroleum products in Europe, and is widely represented in the energy market of Turkey and Georgia.

SOCAR has also been selling at international level its oil and oil of the third countries.

Currently, the company's deal on the purchase of 66 percent stake in the Greek gas transmission operator DESFA is being verified by the EU.

But SOCAR doesn't stop on the current achievements, and as the company's head, Rovnag Abdullayev said, there are many projects in which the company may invest its funds.

Recognition of SOCAR by international financial institutions and the trust in it are a guarantee of successful realization of projects with its involvement, including the construction of the Trans Anatolian Natural Gas Pipeline (TANAP) and the Trans Adriatic Pipeline (TAP).

In turn, the achievements and success of SOCAR is the overall success of Azerbaijan in the energy sector, contributing to the growth of the country's economic well-being.

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Emil Ismayilov is Trend Agency's staff journalist, follow him on Twitter: @Emilsmail

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