SOCAR signs agreement on approval of $750m credit under ACG
Approval of $750m credit for the State Oil Company of Azerbaijan (SOCAR) under the Azeri-Chirag-Gunashli (ACG) will enable the SOCAR restore its right for big volumes of profit in compliance with the PSA, Trend reports citing Rovnag Abdullayev, the President of the SOCAR, as stating on 24 March to a signing ceremony of an agreement on issue of a syndicated credit of different European banks.
Chadbourne & Parke, a legal company with headquarters in New York represented interests of Azerbaijan (ACG) Limited (AzACG), which belongs to the SOCAR, in payment of $750m, organized and guaranteed by BNP Paribas.
Azerbaijan will obtain a confident image on credit transactions at the international fiscal market and experience in receiving big credits without state guarantees.
the loan was directed at covering expenses under the ACG project, where SOCAR holds 10% stake. The credit will also be spent on repayment of debts to Exxon Azerbaijan Limited and Turkiye Petrolleri A.O.
Credit for the SOCAR was organized by BNP Paribas. The credit syndicate includes 14 world biggest banks.