Azerbaijan, Baku, April 3 /Trend E.Ismayilov/
Azerkimya intends to attract a loan of up to $ 40 million from the International Bank of Azerbaijan (IBA) in 2012, company official Mukhtar Babayev said at a press conference on Tuesday.
The meeting was organized on the occasion of the biennium of the inclusion of PA in SOCAR.
"The funds will be spent on development, reconstruction, improvement, modernization of enterprises of PA" Babayev said.
Azerkimya has already attracted loan of $ 40 million from the IBA.
Babayev noted that the process of investing in the development and modernization of enterprises implemented not only at the expense of attracted loans but also own funds.
It has been implementing a program of gas, water, steam and electricity saving since 2011, which allowed to save 1.8 million manat for the past year.
According to the decree of Azerbaijani President Ilham Aliyev"On improvement of governance arrangements in the petrochemical industry" signed on April 2, 2010, the state company Azerkimya becomes subordinated to the SOCAR (State Oil Company of Azerbaijan).
It was decided to create a production association Azerkimya in SOCAR in accordance with the presidential decree, signed on April 22 on changes and additions to the Decree "On improving the structure of the State Oil Company of Azerbaijan" signed in January 24, 2003.
Official exchange rate on April 3 is 0.7863 AZN/USD.