The State Oil Company of Azerbaijan (SOCAR) signs a contract on allocation of syndicated loans in the amount of $750m by different European banks. The interests of AzACG of SOCAR were represented by Chadbourne & Parke, the legal company with central office in New York, within allocation of $750m under guarantee of BNP Paribas.
The loan will be aimed at coverage of expenses within the Azeri-Chirag-Guneshli project, where SOCAR has 10% of share, as well as the debts to Exxon Azerbaijan Limited and Turkiye Petrolleri JSC.
The contract will allow SOCAR to restore control over its oil part on ACG, develop and expand marketing transactions at international oil markets.