The State Oil Company of Azerbaijan (SOCAR) obtained $175 million syndicated credit from the foreign banks to finance its share in the development project of gas-condensate field Shah-Deniz, the Head of the Foreign Investment Department of SOCAR Vagif Aliyev told, Trend reports.
The credit was syndicated by French Societe Generale and ABN-Amro. Presently they determine other participants of syndicate. The credit was received with annual rate Libor+0,85%, Aliyev spelled out.
These finances will be directed to repay $170 mln credit of the European Bank for Reconstruction and Development received in December 2004 to pay off the share of SOCAR in realization of Stage-1 of development of Shah-Deniz field.
After Societe Generale and ABN-Amro define the participants of the syndicate, an agreement will be signed with the banks.