Azerbaijan, Baku, July 30 /Trend A.Hasanov/
Total liabilities of State Oil Company of Azerbaijan (SOCAR) to the largest creditor - the International Bank of Azerbaijan (IBA) amounted to 680.3 million manat on the basis of 2011, it is indicated in the financial report of SOCAR, published on its website. The total amount of debt SOCAR totaled 2.98 billion manat at the end of last year.
Short-term borrowings of SOCAR from IBA for the last year amounted to 55.318 million manat, long-term loans - 625 million manat.
Last year, the State Oil Company repaid five loans, borrowed from the IBA.
On May 22, 2008, IBA provided a loan to SOCAR of $665 million (530,604 million manat) for the period of 36 months until May 22, 2011. The loan bears an annual interest of LIBOR plus 2 per cent. The loan was fully repaid by SOCAR.
On January 14, 2009, IBA provided a credit line to SOCAR amounting to $30 million (23,595 million manat). On July 21, 2011 SOCAR withdrew $8,275 million (6,508 million manat). The loan bears an annual interest rate of 16 per cent for funds used and 2 per cent for undrawn loan commitments. As at 31 December 2011 the outstanding amount of this loan is 5,091 million manat.
On July 21, 2009, IBA provided a loan to SOCAR of 750 million manat for the period of 84 months until July 2016 for the purposes of refinancing of existing loans and finance the Group's investment activities. The loan bears an annual interest rate of 3.15 per cent. The amount outstanding under this facility as at 31 December 2011 was 625,000 manat, including 125,000 manat related to current portion of long-term borrowings.
On July 27, 2009, SOCAR obtained a loan from IBA amounting to $420 million (337,302 manat) with a fixed rate of 3.5 percent maturing on 22 July 2014. The loan was fully repaid by the Group as of 31 December 2011 (2010: 335,118 manat).
During the period from December 29, 2008 through 30 September 2009 the Group's subsidiary Azerikimya PU before its acquisition by SOCAR obtained several loans from IBA in total amount of 39,200 manat. After combination with the Group the terms of these loans were renegotiated with the IBA. According to the revised terms these loans bear annual interest rate of 3 per cent and mature on 16 May 2012. The amount outstanding under this facility as at 31 December 2011 was 30,800 manat.
On May 14, 2010, IBA provided a credit line to SOCAR amounting to $40 million (31,460 manat). The maturity of the contract was prolonged till May 14, 2012. The loan bears an annual interest rate of 3 percent. The amount outstanding under this facility as at 31 December 2011 was 19,427 manat.
On May 20, 2010, the Group obtained a loan from IBA amounting to $80 million (64,288 million manat) with an interest rate of LIBOR plus 3.5 per cent maturing on May 20, 2013. The loan was fully repaid by SOCAR.
On July 1, 2010, SOCAR obtained a loan from IBA amounting to $20 million (15,958 manat) with an interest rate of 1.65 per cent maturing in April 2011. The proceeds from this facility were directed towards implementation of gasification program in the Azerbaijan Republic. The loan was fully repaid by SOCAR.
On August 4, 2010, SOCAR obtained a loan from IBA amounting to $30 million (23,937 million manat) with an interest rate of 14 per cent maturing on April 4, 2011. The loan was fully repaid by SOCAR.
SOCAR includes production association Azneft (companies producing oil and gas on land and sea), Production Association Azerkimya (chemical industry), production association Azerigas (gas distribution).
SOCAR is the only producer of oil products in the country having two oil refineries and also owns gas stations in Azerbaijan, Georgia, Ukraine and Romania. It bought a large network of filling stations in Switzerland last year. SOCAR is also a co-owner of the largest Turkish petrochemical complex Petkim.
Official exchange rate on July 30 is 0.7856 AZN/USD