SOCAR to repay Deutsche Bank's loan in 2011

Business Materials 17 September 2011 16:22

Azerbaijan, Baku, Sept. 17 /Trend, A.Akhundov/

SOCAR (State Oil Company of Azerbaijan) plans in October to repay $100 million loan received from the German Deutsche Bank, SOCAR Vice President for Economic Affairs Suleyman Gasimov told reporters.

"Activities in this regard have almost completed, the required amount has already been accumulated," said Gasimov.

He said currently the State Oil Company continues to repay a 100 million manat loan received from Azerbaijani Xalq Bank. "We have already paid 70 million manat from this liability, will monthly repay the remainder of the loan by the end of the year," he said.

The main amount of funds involved by SOCAR account for debt on the loan of the Central Bank of Azerbaijan (CBA) worth 750 million manat, of which 125 million manat was repaid in June, Gasimov said. Other repayments on this loan this year are not expected.