Baku, Azerbaijan, Feb. 5
By Sara Israfilbayova – Trend:
SOCAR Trading, the trading house of Azerbaijan’s state oil company SOCAR, has finished spending the loan worth $300 million issued by a syndicate consisting of 14 big international banks, SOCAR told Trend Feb. 5.
The syndicate included 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 funds were used by SOCAR Trading to finance and refinance the existing operations, the company said.
“SOCAR Trading regularly cooperates with a large number of financial organizations, and this is an integral and frequently repeated component of the company’s daily operations,” the company said. “A significant part of these obligations is of a short-term nature.”
SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.
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