SOCAR’s funded debt exceeds $6B (UPDATE)
Details added (first version posted on 15:40)
Baku, Azerbaijan, Apr. 27
By Maksim Tsurkov - Trend:
The funded debt of Azerbaijan's state oil company SOCAR is exceeding $6 billion, said Suleyman Gasimov, SOCAR vice president for economic issues, Apr. 27.
"This amount also includes the company's domestic debts," said Gasimov adding that the state company's debt is a sensitive issue and is professionally managed by SOCAR.
The amount, which SOCAR should repay in 2016, is not large, according to him.
The main part of the debt accounted for loans calculated for 5, 10 and 15 years, said Gasimov.
The vice president went on to add that SOCAR's debt also includes loans from Azerbaijan's State Oil Fund (SOFAZ) for purchase of share in the development project of Azeri-Chirag-Guneshli block of oil and gas fields in Azerbaijan, for construction of Baku Shipyard shipbuilding plant and other small loans.
There is also a credit line of the International Bank of Azerbaijan, noted Gasimov.
"A part of the debt will be covered by SOCAR's internal funds, the other - by state funds," he said.
SOCAR repaid more than $1 billion on loans for projects in Turkey, said Gasimov adding that additional $400 million from the company's debt were repaid on eurobonds in the beginning of 2016.
He noted that SOCAR's debt is regularly controlled, managed and does not create any problems in the company's activity.
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