BAKU, Azerbaijan, Feb.25
By Leman Zeynalova – Trend:
SOCAR Carbamide aims to fully repay the loan in the amount of 500 million euros in coming several years, the plants director Khayal Jafarov said, Trend reports.
“The total cost of the project stood at around 780-800 million euros. The project was initially funded from the state budget. We got around 200 million euros from the state budget. Afterwards, it was decided to change the financing source of the project. The main contractor of the project was South Korea’s Samsung Engineering company and South Koreas Export and Import Bank showed great interest in financing the project. We got 500 million euros worth loan from this bank and three European banks, namely Deutsche Bank, UniCredit and Societe Generale. We have repaid one third, around 167 million euros and in coming several years, we will try to fully repay the remaining amount,” he explained.
SOCAR Carbamide, a resident of Sumgait Chemical Industrial Park, has a crucial role to play in the development of agriculture and non-oil exports.
The plant commissioned in January 2019, plays an important role in reducing the dependence on nitrogen fertilizer imports and meeting the demand of local farmers.
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