SOCAR Turkey attracts additional loans for refinancing

Economy Materials 17 August 2021 18:27 (UTC +04:00)
SOCAR Turkey attracts additional loans for refinancing

BAKU, Azerbaijan, Aug. 17

By Sadraddin Aghjayev - Trend:

In order to provide refinancing of SOCAR Turkey, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), JP Morgan and the London branch of Citibank have allocated a $1.3 billion loan under SOCAR's guarantee, Trend reports with reference to SOCAR.

The repeated refinancing operation does not increase the company's financial obligations, but at the same time maintains financial stability at the same level, the company said.

“The company has once again proved its strong position in global markets thanks to the high volume of refinancing it received despite global uncertainty over the pandemic,” SOCAR said.

The company also noted that the funds were allocated for a long-term period with a lower interest rate.

"Funds attracted from the world's leading banks and financial institutions for a period of five years and with an interest rate of 3.45 percent per annum are assessed in global financial circles as a manifestation of confidence in the healthy financial structure and strong positions of SOCAR and SOCAR Turkey. The funds raised from outside replace part of the company's previous obligations and do not create an additional volume of obligations for SOCAR, "the company said.


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