Palmali to pay SOCAR's loan in 2015

Oil&Gas Materials 30 July 2011 17:03

Azerbaijan, Baku, July 30 / Trend /

Palmali Group of Companies will complete the process of returning the loan worth $ 120 million (more than 95.7 million manat) on September 30, 2015, given by SOCAR, SOCAR's 2010 financial report, published on its website, said.

The loan agreement was signed between SOCAR and Palmali on October 5, 2009 at a rate of LIBOR +4 percent to the amount of $ 75 million.

This amount was increased up to $100 million in November 2009. The amount was increased up to $ 120 million on March 30, 2010.

Palmali Group of Companies specializes in cargo transportation in the Mediterranean, Caspian and Black Seas.