SOCAR Proposed Financing of Additional Expenses on Three Projects to Pakistani Bank
Azerbaijan, Baku, 3 October / corr. Trend I.Khalilova/ SOCAR (State Oil Company of Azerbaijan) is prepared to attract about $300mln-500mln from National Bank of Pakistan (NBP Bank) for financing additional expenses on the projects both inside the country and abroad," the General Manager of the Bank's Baku branch Sohail Ahmad said.
The credit resources are requested for three projects, including one with Turkish Tekfen Holding, on the project of the Azeri-Chirag-Guneshli offshore fields development and on the Kulevi terminal in Georgia.
"The talks with SOCAR will be continued during the forthcoming visit of the regional director of the Bank on Central Asia Khaver Seyid to Baku at the end of October," head of Baku branch said.
Simultaneously, SOCAR runs negotiations with European banks.
"Financing was proposed by NBP head office, which is to take a decision. We can act as an operator and are searching investment opportunities now," head of the branch said.
The National Bank of Pakistan was founded in 1949 with 75% stake of Pakistani Government. Presently, NBP Bank has 17 foreign branches. .
The bank's assets totaled $12.408mln and investments $3.431mln. NBP Bank holds AAA credit rating with "stable" forecast.
With consideration of all structural sub-divisions SOCAR has attracted foreign loans in the amount of approximately $1bn, with $200mln are received under the security of oil for the Azeri-Chirag-Gyuneshli offshore fields development project. As the oil consignments are sold, the banks provide repayment of the loan by themselves (the same mechanism of borrowings is considered regarding NBP Bank).
The unwarranted syndicated credit in the amount of $600mln, book - runners of which are ABN Amro and Citibank, was attracted for purchase of shares of Petkim petrochemical concern in Turkey.
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