Black Sea Trade and Development Bank to open credit line for SOCAR AQS (Exclusive)
BAKU, Azerbaijan, Dec.2
By Leman Zeynalova – Trend:
The Black Sea Trade and Development Bank (BSTDB) will open a 20 million euros credit line for Azerbaijan’s SOCAR AQS LLC for trade financing, BSTDB President Dmitry Pankin told Trend.
“The BSTDB Board of Directors held a meeting on Nov.30, during which, we approved a project on Azerbaijan. We are going to open a 20 million euros credit line for SOCAR AQS LLC trade financing. This company will be purchasing equipment from BSTDB member states. For example, it will buy products from a pipe-metallurgical company in Russia, or crane equipment, cement and other equipment for drilling in Romania and etc. What is of particular importance for us, is that the supplies will come from founding members of BSTDB,” he said.
SOCAR AQS LLC was established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic and Absheron Drilling Company in 2007. Main scope of activities of the company is provision of work and services related with drilling of oil and gas wells, including: well design and planning; drilling of oil and gas wells; drilling of directionally deviated wells; drilling of horizontal wells; well completion; well workover; sidetracking and drilling of multilateral wells.
The Black Sea Trade and Development Bank (BSTDB), an international financial institution with headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of 3.45 billion euros. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in the member countries. BSTDB is rated A-/A-2 by Standard & Poor’s, and A2/P1 by Moody's.
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