...

SOCR receiving new international credit

Oil&Gas Materials 16 June 2006 15:05 (UTC +04:00)

The State Oil Company of Azerbaijan is going to obtain credits to develop own fields, said SOCAR president Rovnag Abdullayev, Trendreports with reference to ATV channel.

SOCAR president said one of banks is in short issuing a credit for this purpose. Alongside, such credit is issued without any governmental security.

Earlier, SOCAR already obtained a $750mln credit through Azerbaijan (ACG) Limited (AzACG) that belongs to SOCAR. Upon obtaining this credit, SOCAR redeemed its entitlement in ACG project. Before that, Exxon Azerbaijan Limited and Turkiye Petrolleri A.O. divided SOCARs 10% entitlement by two equal parts and invested funds in the project instead of SOCAR. During all the time, the companies invested $1.15bn.

Under the credit agreement, oil earlier exported by Exxon Azerbaijan Limited and Turkiye Petrolleri A.O., will be sold by AzACG to Glencore and Select Energy Trading (SET). Profit from this oil will be deposited on special account in BNP Paribas.

Latest

Latest