SOCAR repays seven external loans in 2011

SOCAR repays seven external loans in 2011

Azerbaijan, Baku, Aug. 1 / Trend I.Khalilova /

The total borrowings of the State Oil Company of Azerbaijan (SOCAR) in 2011 decreased by 2.6 percent, reaching 2,980,288 manat, according to the consolidated report of financial activities of SOCAR in the last year audited by Ernst & Young. A report is published on the company's website.

At the same time, some 74.4 percent of the borrowings fall to long-term credits. Their volume during the last year increased by 7.6 percent.

Most of the long-term borrowings are formed due to credits drawn from Credit Suisse (762.033 million manat), the International Bank of Azerbaijan (625 million manat) and borrowings on bonds sold to the State Oil Fund of Azerbaijan at 381.452 million.

On 26 May 2011, SOCAR entered into a loan agreement with Credit Suisse, according to which Credit Suisse made availabe to the Group several facilities in the total amount of USD 1,000 million (AZN 786,500), bearing interest from LIBOR plus 2.3 per cent to LIBOR plus 4.88 per cent with the final maturity in 2019.

On 5 July 2011 the Group issued a bond with a face value of USD 485 million (AZN 381,452) and interest rate of LIBOR plus 1 per cent. The bond's maturity date is 31 December 2024.

On 19 March 2010 the Group entered into a credit line agreement with BNP Paribas with USD 250 million (AZN 196,625) limit maturing in March 2013. Total drawn amount as per 31 December 2011 constitutes USD 200 million (AZN 156,823).

In April 2011 the Group entered into a loan agreement with ING Bank for the amount of USD 200 million (AZN 157,300) maturing in April 2014. The interest rate on this loan is LIBOR plus 2.55 per cent per annum. The amount outstanding under this facility as at 31 December 2011 was AZN 155,984.

On 16 December 2009, Natixis S.A Bank provided a loan to the Group in the amount of USD 30 million (AZN 23,595) for the period of 36 months. The loan is repayable in pre-determined installments starting from 2010. The loan bears an annual interest of LIBOR plus 5 per cent.

In May 2010 Group entered into a loan agreement with Natixis S.A Bank for a total amount of USD 50 million (AZN 39,325) for the period of 36 month until 31 May 2013. The loan bears an annual interest rate of LIBOR plus 3.75 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 26,137.

In May 2011 Group entered into another loan agreement with Natixis S.A Bank for a total amount of USD 75 million {AZN 58,987) for the period of 36 month until 31 May 2014. The loan bears an annual interest rate of LIBOR plus 2.3 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 58,436.

On 29 December 2011 Group entered into a new loan agreement with Natixis S.A Bank for a total amount of EUR 30 million (AZN 30,534) for the period of 36 month until 29 December 2014. The loan bears an annual interest rate of EURIBOR plus 3.5 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 30,128 (2010: nil).

In July 2010 the Group entered into a loan agreement with YapiKredi Bank for the amount of USD 100 million (AZN 78,650) maturing in July 2013. The interest rate for this loan is LIBOR plus 3.65 per cent per annum. The amount outstanding under this facility as of 31 December 2011 was AZN 77,076, including AZN 26,190 related to current portion (2010: AZN 79,790).

In August 2010 the Group borrowed a loan in the amount of USD 4,150 thousand (AZN 3,264) from YapiKredi Bank maturing in January 2012. The interest rate on the loan is 5.5 per cent per annum. The amount outstanding under this facility as at 31 December 2011 was AZN 3,264 (2010: AZN 3,311).

In December 2010 the Group entered into another loan agreement with YapiKredi Bank for the amount of USD 35 million (AZN 27,528) maturing on 24 December 2013. The interest rate for this loan is LIBOR plus 4 per cent per annum. The amount outstanding under this facility as at 31 December 2011 was AZN 27,472 (2010: AZN 27,947).

In October 2010 the Group entered into a loan agreement with the Deutsche Bank for a 12 month period. The total amount of this facility was USD 100 million {AZN 79,790). The loan bears an annual interest rate of LIBOR plus 1.5 per cent. The loan was fully repaid by the Group as at 31 December 2011 (2010: AZN 77,962).

In April 2011 Deutsche Bank provided a loan to the Group for a 36 month period. The total amount of financing available under this facility agreement was USD 130 million (AZN 102,245). The loan bears an annual interest rate of LIBOR plus 2.6 per cent. At 31 December 2011 the total outstanding balance under this facility was AZN 101,158, including AZN 25,561 related to current portion (2010: nil).

On 15 June 2011, Deutsche Bank provided a loan to the Group of USD 43 million (AZN 33,820) for one year period until June 2012. The loan bears annual interest rate LIBOR plus 1.65 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 30,993 (2010: nil).

In December 2010 Societe Generale provided a loan of USD 50 million (AZN 39,325) for the period of 36 months until December 2013. The loan bears an annual interest of LIBOR plus 3.5 per cent. The Group took this loan for general corporate purposes. The amount outstanding under this facility as at 31 December 2011 was AZN 38,963, including AZN 13,095 related to current portion (2010: AZN 39,096).

In September 2011 Societe Generale provided another loan to the Group for a total amount of EUR 20 million (AZN 20,356) for the period of 36 months until September 2014. The loan bears an annual interest EURIBOR plus 3.5 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 20,052 (2010: nil).

In July 2010 the Group entered into a loan agreement with WEST LB Bank for the amount of USD 75 million (AZN 58,988) maturing in July 2013. The interest rate on this loan is LIBOR plus 3.85 per cent per annum. The amount outstanding under this facility as at 31 December 2011 was AZN 58,769, including AZN 29,494 related to current portion (2010: AZN 58,626).

On November 2011 the Group entered into two loan agreements with Export Credit Bank of Turkey for a total amount of USD 60 million maturing in February 2012. The loans bear an annual interest rate of 1 per cent. The amount outstanding under these facilities as at 31 December 2011 was AZN 46,490 (31 December 2010: nil).

On October 2011 the Group entered into a loan agreement with Scotia Bank for the amount of USD 25 million (AZN 19,371) maturing in November 2012. The interest rate on this loan is 2.33 per cent per annum. The amount outstanding under this facility as at 31 December 2011 was AZN 19,371 (2010: nil).

In July 2010 the Group entered into a loan agreement with the Bank of Georgia for the amount of USD 23,574 thousand (AZN 18,540) maturing in December 2011. The interest rate for this loan is 13 per cent per annum. The loan was fully repaid in 2011 (2010: AZN 14,014).

On July 2011 the Bank of Georgia provided a credit line of Georgian Lari (GEL) 35 million (AZN 16,422) maturing in July 2013. The interest rate for this loan is 14 per cent per annum. The amount outstanding under this facility as at 31 December 2011 was AZN 16,422 {2010: nil).

In May 2008, the Group obtained a syndicated loan from Turkiye Garanti Bankasi A.S. and Akbank T.A.S. acting as lead arrangers for a total amount of USD 625 million (AZN 491,563) bearing annual interest of LIBOR plus 3 per cent from May 2008 through May 2012, and LIBOR plus 4 per cent from May 2012 through maturity in May 2017. In accordance with the terms of the loan, the funds were made available to the Group to finance the acquisition of Petkim. The loan was fully repaid in 2011 (2010: AZN 500,528).

On 4 December 2009 Akbank T.A.S. provided a loan to the Group with maturity date of 6 April 2011. The total amount of financing available under this facility agreement was USD 35,000 thousand (AZN 27,927). The loan bears an annual interest rate of 2.1 per cent. The loan was fully repaid in 2011 (2010: AZN 27,807).

On 30 June 2010 Akbank T.A. provided a loan to the Group with maturity date of 30 June 2015. The total amount of financing available under this facility agreement was USD 5 million (AZN 3,932). The loan bears an annual interest rate LIBOR plus 3.75 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 3,874, including AZN 1,107 related to current portion of long-term borrowings (2010: AZN 3,990).

On 23 February 2011 Akbank T.A.S. provided a loan to the Group with a maturity date of 30 June 2015. The total amount of financing available under this facility agreement was USD 7 million (AZN 5,505). The loan bears an annual interest rate of LIBOR plus 3.75 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 5,424, including AZN 1,550 related to current portion of long-term borrowings (2010: nil).

On 2 May 2011 Akbank T.A.S. provided a loan to the Group with a maturity of 36 months. The total amount of financing available under this facility agreement was USD 5,260 thousand (AZN 4,137). The loan bears an annual interest rate of LIBOR plus 3.75 per cent. The amount outstanding under this facility as at 31 December 2011 was AZN 4,076, including AZN 1,164 related to current portion of long-term borrowings (2010: nil).

On 4 December 2009 Turkiye Garanti Bankasi A.S. provided a loan to the Group with maturity date of 4 April 2011. The total amount of financing available under this facility agreement was USD 20 million (AZN 16,005). The loan bears an annual interest rate of 1.95 per cent. The loan was fully repaid in 2011 (2010: AZN 15,890).

On 26 February 1998, Azerikimya PU, which was acquired by the Group on 2 April 2010, entered into a loan agreement with Export-Import Bank of Japan for a total amount of JPY 9,150,250 thousand (AZN 92,838) bearing annual interest of 2.5 per cent and repayable in 20 semi-annual installments commencing on 21 July 2001. The proceeds from this facility were directed towards installation of steam generation facility. The loan was fully repaid by the Group as of 31 December 2011 (2010: AZN 4,483).

The official exchange rate is 0.7855 AZN to $1 on August 1.

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