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Azerigaz JSC returned about $3 million to IFI in 2005

Oil&Gas Materials 28 December 2005 15:23

In 2005 the Azerigaz Joint Stock Company (JSC) refunded about $3 million to International Finance Institutions (IFI), the JSC chief accountant Seymur Radjabov told Trend. Loan agreements on gas projects have been signed with the Japan’s Bank for International Cooperation (JBIC) and the World Bank, Trend reports.

The loan in the amount of $18 million from JBIC has been spent on construction of the gas compressor station вЂ�Garadag’ and laying the main gas pipeline Garadag-Digyah-В"Shimal Hydro Power StationВ". The World Bank’s loan is $20,2 million and it has already been spent on implementation of the project “Rehabilitation of the gas sector in Azerbaijan”.

According to him, the interests on debts to JBIC have been completely repaid by now and refunding of the main debt will start from 2010.

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