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SOCAR Receives $500mln as Syndicated Credit

Oil&Gas Materials 25 February 2008 17:15 (UTC +04:00)
SOCAR Receives $500mln as Syndicated Credit

Azerbaijan, Baku, 25 February / Trend / The State Oil Company of Azerbaijan Republic (SOCAR) received a syndicated credit in the sum of $500mln. This is the first large credit the Company received without a guarantee, SOFAR reported.

The organizers of the credit are the Citibank (USA) and ABN Amro ( Netherlands). The banks which allocated the credit are BNP Paribas SA, Calyon, Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A., JP Morgan Chase Bank N.A., Societe Generale, Sumitomo Mitsui Banking Corporation Europe Limited, The Bank of Tokyo - Mitsubishi UFG Ltd and the Maltese branch of the Akbank T.A.S. Initially, it was planned to allot $300mln, but later the sum increased to $500mln.

Credit was allocated for 3 years at an interest rate of Libor+1.75%. The funds will be spent to implement the company's projects in the country and abroad, as well as to privatise the Turkish petrochemical complex Petkim.

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