SOCAR Increases Loan for Purchase of Turkish Petrochemical Complex
Azerbaijan, Baku, 13 May / Trend / Non-guaranteed loan allocated by the State Oil Company of Azerbaijan (SOCAR) in the amount of $500mln for three years, has been increased to $600mln through the capital of major participants and book runners of ABN Amro and Citibank syndicate, Nefte Compass writes. The article was placed on the official website of SOCAR.
The loan will be spent to make the payment of 51% stock of the Turkish petrochemical complex Petkim purchased at $2.05bln.
The organizers of the credit are the Citibank (USA) and ABN Amro (the 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 was increased to $500mln.
The alliance of SOCAR/Turcas/Injaz acquired for governance 51% share in Petkim. The alliance offered $2.04bln for the stock package.
Investments by the alliance SOCAR/Turcas/Injaz, to modernize the production capacity of the Turkish Petrochemical Holding Petkim, will increase the enterprise's share in Turkey's market from the current 27% to 40%. The investments of the alliance over the next 1 to 2 years may total $50-60bln.