SOCAR to get loan from Korea Eximban

Oil&Gas Materials 15 October 2015 16:35 (UTC +04:00)

Baku, Azerbaijan, Oct. 15

By Maksim Tsurkov - Trend:

Azerbaijan's state oil company SOCAR is preparing to sign a main agreement on funding of the construction of a carbamide plant in the city of Sumgait, according to the company's vice-president for economic issues, Suleyman Gasimov.

Gasimov made the remarks Oct. 15 speaking to reporters at the '1st Azerbaijan Conference on Sustainable Development and Corporate Social Responsibility' held in Baku.

He said joint works are underway with South Korea's Samsung Engineering, the general contractor for building the carbamide plant, with regard to funding the construction.

"The problems related to the project's funding have been solved with help of a short-term agreement with the Korea Eximbank [Export-Import Bank of Korea], which is meant for half a year," said Gasimov.

"As of now, preparation is underway to sign a main agreement on bringing a long-term loan under state guarantee, which is expected to take place before late this year," he explained.

Korea Eximbank allocated $150 million for construction works and another $150 million for the equipment.

The carbamide plant is expected to be commissioned in late 2016 or early 2017.

The plant is expected to process 2,000 tons of carbamide per day.

Edited by SI


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