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SOCAR negotiates to write off Azerkimiya's credit debts

Business Materials 30 July 2011 16:28

Azerbaijan, Baku, July 30 / Trend N. Ismayilova /

SOCAR negotiates with the Ministry of Finance to write off the credit debts of Azerkimiya production union on the credit lines, drawn before production union's transferring to SOCAR [April 2, 2010], SOCAR's financial report as of last year, published on its website, said.

"SOCAR negotiates with the Ministry of Finance to change the terms, as well as to write off the debts, and hopes for positive results of these negotiations," the report said.

According to the report, the Ministry provided Azerkimiya with a loan on February 17, 2003 for a period of three years - until January 1, 2008 to the amount of 12.4 million manat. The annual interest rate on this loan is one percent. As of December 31, 2010, the balance of the loan is 12.4 million manat.

The Ministry provided Azerkimiya with a credit line on November 20, 2007 for a period of four years to the amount of 9.4 million manat. This loan was given at a zero interest rate. As of December 31, 2010, the balance of the loan is 9.4 million manat.

The official exchange rate is 0.7866 manat to $1.

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