Chadbourne & Parke represented the interests of the Azerbaijan (ACG) Limited (AzACG) company, owned by the State Oil Company of Azerbaijan (SOCAR) in the framework of the credit funds of $750 million allocation, arranged and guaranteed by the BNP Paribas bank, the press release by Chadbourne & Parke, the legal entity with the head office in New York, specifies, according to Trend.
The document notes, the credit funds will be directed to the expenditures within the framework of the Azeri-Chirag Gyuneshli (ACG) project, where SOCAR owns 10$ share. The loan will also ensure arrears payments to Exxon Azerbaijan Limited and Turkiye Petrolleri A.O. (TPAO).
В"The deal will enable SOCAR to reinstate control over its entire oil volume in ACG, to expand and develop marketing operations at the international oil markets, the press release indicates.
В"We are glad to represent SOCAR and AzACG in this funding. This transaction will set the standard for further financial operations in Azerbaijan, Nabil Khodadad, the Chadbourne financial partner for the project said.