SOCAR repays loans worth 675M manats since early 2018

Oil&Gas Materials 14 June 2018 20:10 (UTC +04:00)

Baku, Azerbaijan, June 14

By Maksim Tsurkov - Trend:

Since early 2018, Azerbaijan’s state oil company SOCAR has repaid loans worth 675 million manats taken from foreign and local banks, reads the company’s consolidated financial statements by Ernst & Young (EY) international audit company.

SOCAR repaid loans worth 417 million manats ($245 million), 6 million manats (3 million euros) and 187 million manats (271 million lari) in local and foreign banks, according to the report.

In addition, SOCAR repaid 65 million manats ($38 million) of the loan from the State Oil Fund of Azerbaijan (SOFAZ).

SOCAR includes such production unions as Azneft (enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies and the facilities involved in geophysical and drilling operations.

(1.7 manats = $1 on June 14)


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