Directions of using Azerbaijani Central Bank’s loan for SOCAR announced
Baku, Azerbaijan, Sept. 15
By Maksim Tsurkov - Trend:
The total amount of the loan of the Central Bank of Azerbaijan (CBA) for the State Oil Company of Azerbaijan (SOCAR) will amount to 1.8 billion manat, SOCAR head Rovnag Abdullayev told reporters Sept. 14.
"The work on this issue is underway," he said. "The relevant decision of the country's government was taken."
"Some 1.2 billion manat of the loan will be spent on the modernization of the Heydar Aliyev refinery and the enterprises included in the Azerkimya production union," he said. "Some 600 million manat more will be spent to finance the implementation of SOCAR's various drilling programs."
SOCAR announced the elimination of the Azneftyag refinery and merging it with the Heydar Aliyev Baku Oil Refinery in January 2015. But each of them operates as a physical association and does not mean that some of the workshops will stop working.
This decision was taken as part of the work to improve and optimize SOCAR's structure.
The official exchange rate is 1.0475 AZN/USD Sept. 15.
Edited by CN
follow the author on Twitter: @MaksimTsurkov