BAKU, Azerbaijan, June 23. The Black Sea Trade and Development Bank (BSTDB) has started the work on a new project in Azerbaijan’s energy sector in 2022 with participation of the state oil company SOCAR as a sponsor, Dmitry Pankin, BSTDB President said in an exclusive interview with Trend.
“However, the deal is yet at an early stage,” he explained.
Pankin noted that the Bank has been successfully cooperating with SOCAR and its subsidiaries for several years.
“We have provided a loan to SOCAR Türkiye within our energy project, which was fully repaid in 2021. Moreover, as part of the BSTDB trade financing portfolio, we provided revolving line of credit for working capital financing to Socar Trading,” he explained.
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. 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.
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