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Azerbaijan Receives Large Loan to Construct Own Terminal in Georgia

Oil&Gas Materials 5 June 2007 16:10 (UTC +04:00)

Azerbaijan, Baku / corr. Trend S.Aliyev / This year Azerbaijan received a large amount of syndicated credits within the construction of an oil terminal in the Kulevy on the Black Sea shore of Georgia.

The State Oil Company of Azerbaijan's (SOCAR) Vice-President for Economic Affairs, Suleyman Gasimov, said on 5 June that the gross amount of the credit totaled $305 mln. A credit amounting to $265 mln was received at the beginning of the year and recently an additional $40 mln was obtained. The credit syndicate from 15 foreign banks was headed by Societe Generale. The credits are expected to be returned by 2009.

According to Gasimov, the credit was obtained by AzACG Ltd which represents Azerbaijan in the development project of Azeri-Chirag-Guneshly fields. AzACG Ltd obtained the credit with an annual interest rate of 0.85% and granted it as credit with a higher rate to Carolina Company which has been established for the construction of the oil terminal in Kulevy.

The construction work on the terminal will be completed in the summer. Presently the capacity of the terminal equals 10 mln tons. The capacity of the reserve park of the terminal is 320,000 cu.m. The capacity of the terminal is planned to be increased up to 15-20 mln tons and reserve part up to 380,000 cu.m.

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