AzACG returns its right of investment in Azeri-Chirag-Guneshli through reception of syndicated loan

AzACG of the State Oil Company of Azerbaijan (SOCAR) returned its right of investment in the Azeri-Chirag-Guneshli project through reception of $750m syndicated loan.

Earlier Exxon Azerbaijan Limited and Turkiye Petrolleri JSC divided the 10% right of investment of SOCAR in ACG and put investments in the project instead of the Azerbaijani Company to receive oil consignments, SOCAR told Trend.

AzACG purchased this right from Exxon Azerbaijan Limited and Turkiye Petrolleri JSC through reception of $750m loan. Some funds have been aimed at acquisition of the right,

while the rest will be spend on putting of investment in the ACG project, SOCAR stressed.

In accordance with the loan contract, the oil earlier imported by Exxon Azerbaijan Limited and Turkiye Petrolleri JSC, will be sold by AzACG to Glencore and Select Energy Trading (SET). Gain from cost oil will be transferred to the special account at BNP Paribas, the organizer and guarantor for AzACG, and used as investment in the ACG project.

Priorities on cost oil export are the terminal at the Georgian Supsa port, Batumi and Novorossiysk.

The loan (LIBOR 1.7%) will be returned within 3 or 5 years depending on oil price at world markets, Trend reports quoting Samir Sharifov.

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