At the beginning of October, an agreement on a syndicated credit of foreign banks totaling $175 will be signed to ransom the right from the European Bank for Reconstruction and Development (EBRD) to finance the share of the State Oil Company of Azerbaijan (SOCAR) in the project for development of the gas-condensate field Shah-Deniz, SOCAR President Rovnak Abdullayev told Trend reports.
According to the SOCAR President, presently SOCAR is holding negotiations with French Total which also finances the share of SOCAR on this project. They may upgrade the terms of financing the project and remain as a financing section. he said.
The credit amount of $175 is provided by French Societe Generale and ABN Amro. The credit is attracted with an annual interest rate Libor+0,85%.