SOCAR receives int'l credit under ACG
The State Oil Company of Azerbaijan (SOCAR) received a loan at the international capital market for payment of its 10% funds within the Azeri-Chirag-Gyuneshli (ACG) project, the well-informed sources told Trend. The capitals amount is $750 million.
The source has also specified, earlier, due to non-availability of the companys funds, two companies, the ACG project participants, the American ExxonMobil and the Turkish TRAO invested for SOCAR. В"From now on, SOCAR will invest itself the needed funds to ACG based on cash call of the Azerbaijan International Operating company (AIOC), the source said.
According to the source data, the loan has been allocated for 5 year period. The interest rate is not disclosed. The funds have been given by BNP Paribas SA.
В"One can say of the present SOCAR investment attractiveness here, which previously could not receive credits under very favorable conditions. As the Azerbaijan oil sector develops, SOCAR is presented as the efficient partner at the world market, the source concluded.