BAKU, Azerbaijan, July 24
By Leman Zeynalova - Trend:
The energy sector remains the main area of the Black Sea Trade and Development Bank (BSTDB) support for the economic development in Azerbaijan, said the Bank.
Currently, the Bank’s portfolio of signed operations in the country amounts to EUR 132.7 million, of which EUR 118 million accounts for the energy sector, according to BSTDB.
“The BSTDB’s long-term loan to Lukoil Overseas Shah Deniz Ltd. is financing the second stage of development of the Shah Deniz, an offshore gas exploration and production project in Azerbaijan. The project includes two additional bridge-linked offshore platforms, expansion of the Sangachal terminal and expansion of the South Caucasus Pipeline, a gas export pipeline system from Azerbaijan through Georgia to the Turkish border,” the Bank said.
BSTDB said that in 2019, it provided a USD 50 million revolving trade finance facility to SOCAR Trading S.A., mainly for the purchase of Russian Ural oil for delivery to SOCAR’s new STAR Refinery in Turkey. “The operation has a strong regional cooperation and development impact, as it involves private and state-owned exporting entities from the three BSTDB member countries.”
Also in 2019, BSTDB provided a EUR 20 million trade finance facility to SOCAR Trading AQS, a major drilling and well services company. “The company is using the facility to finance imports of industrial equipment and materials from BSTDB member countries, mainly Russia, Romania, Turkey and Ukraine, thus advancing the regional cooperation in the energy sector.”
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.
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