Baku, Azerbaijan, April 2
By Maksim Tsurkov – Trend:
The syndicate, consisting of 14 big international banks, has issued a loan worth $300 million to SOCAR Trading, the trading house of Azerbaijan’s state oil company SOCAR, said a message posted on the IJ Global news portal.
According to the message, the funds will be used by SOCAR Trading to refinance the existing liabilities worth $250 million.
The syndicate includes ING Group, Rabobank, BNP Paribas, Credit Agricole Group, ICBC, Bank of Tokyo-Mitsubishi UFJ, Arab Petroleum Investments Corporation, Commercial Bank of Dubai, Bank of China, DBS Bank, Garanti Bank, Societe Generale S.A., Reserve Bank of India and UBAF. Each bank allocated $21.43 million.
The loan maturity date is on September 28, 2018.
In 2016, UniCredit Bank Austria AG’s loan worth $250 million was issued to support SOCAR Trading’s activity.
SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.
---
Follow the author on Twitter: @MaksimTsurkov