SOCAR has $3 billion in debt

Oil&Gas Materials 24 September 2012 13:02 (UTC +04:00)

Azerbaijan, Baku, Sept.24 / Trend, A.Akhundov /

The amount of debt the State Oil Company of Azerbaijan (SOCAR) has accumulated is about three billion dollars, SOCAR Vice President on Economic Affairs Suleyman Gasimov told Trend on Friday.

"The amount of the company's debt is not high. Almost one and a half billion of this amount accounts for bank loans with nearly a billion dollars we owe to suppliers and contractors," Gasimov said.

He said there is no need to attract additional loans.

"The budget of our revenues and expenses allowed us to attract an additional $500 million by the end of the year, but today there is no need for these funds. Recently the company attracted $110 million from Deutsche Bank. Citybank, RBS and Societe Generale which is are also willing to lend to us meaning we can draw when required," Gasimov said.

He said repayment of all the loans is underway and on schedule.

"Dates of repayment of foreign loans are different. Mainly, our loans are designed for a short term return, namely three years," Gasimov said.