Societe Generale Increases Investment in Azerbaijani Economy

Business Materials 21 February 2008 15:42 (UTC +04:00)

Azerbaijan, Baku, 21 February / corr Trend I.Khalilova / The French corporate and investment bank Societe Generale plans to increase further its investment in the Azerbaijani economy and in 2008 it plans to invest $300-500mln, Teyba Guliyeva, the bank's regional representative said on 21 February.

Societe Generale has been operating in Azerbaijan since 1998 through its regional representation covering Azerbaijan, Georgia and Turkmenistan.

"Following the economic growth in the country, as any other foreign bank Societe Generale boosted its interests in the participation in large projects in Azerbaijan, Guliyeva said. Our bank does not limit its participation in the state and private sectors of the economy.

Investing in the bank sector can be carried out through different tools, including the syndicated crediting, trade, projects and export financing.

The banks investments in the Azerbaijani projects total approximately $300-400mln excluding projects already concluded.

The bank successfully participated in several major strategic projects implemented in Azerbaijan, particularly projects on Azeri-Chirag-Gunashli full field development project, the construction of the Baku-Tbilisi-Ceyhan pipeline where Societe Generale acted as an underwriter of the leading organizer. Societe Generale acted as a joint leading organizer in the projects on Shah Deniz gas field development and the construction of the 570 MW powerstation in Sumgayit.

The BTC remains the bank's biggest investment project in Azerbaijan where its stake was $65mln in the total of $750mln.

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