BSTDB transfers funds to SOCAR AQS for purchasing production equipment
BAKU, Azerbaijan, Feb.28
By Leman Zeynalova – Trend:
Black Sea Bank for Reconstruction and Development (BSTDB) has transferred funds to SOCAR AQS for purchasing production equipment, the bank told Trend.
“BSTDB has transferred all funds to SOCAR AQS in the total amount of 20 million euros at a time last year for purchasing materials and production equipment from Russia, Romania, Turkey and Ukraine,” the bank said.
Earlier, the BSTDB said the transaction will have a strong regional and developmental impact through acquisition of casings, tubular, rig, well service equipment, drill bits, power generators, and crane equipment mainly from Russia, Romania, Turkey, and Ukraine.
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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