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SOCAR attracts almost 420 million manats of loans since beginning of 2018

Oil&Gas Materials 14 June 2018 16:51 (UTC +04:00)

Baku, Azerbaijan, June 14

By Maksim Tsurkov - Trend:

Azerbaijan's state oil company SOCAR has attracted loans in the amount of 419 million manats since the beginning of 2018, says the consolidated report on the financial activities of SOCAR last year, audited by Ernst&Young.

According to the report, SOCAR received short-term and long-term loans from the Ministry of Finance of Azerbaijan in the amount of 102 million manats ($60 million) and 98 million manats respectively.

The state company also attracted new short-term and long-term loans in the amount of 156 million manats (239 million lari) and 16 million manats (24 million larri) from Georgian banks, respectively.

In addition, SOCAR has received a tranche of 47 million manats (23 million euros) from foreign banks for the construction of an urea plant.

SOCAR consists of oil and gas production facilities offshore and onshore - "Azneft" PA; chemical industry enterprises, united under "Azerikimya" Company; "Azerigaz" PA, engaged in distribution of produced gas in the country; oil and gas processing enterprises, service companies, and institutions engaged in geophysical and drilling operations.

Currently, SOCAR is the only producer of petroleum products in the country, as well as it operates more than 370 gas filling stations in Switzerland, Georgia, Romania and Ukraine. SOCAR is also a co-owner of Turkey's largest petrochemical complex Petkim and other assets in Turkey.

The official exchange rate as of June 14 is 1.7 AZN/USD.

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