Azerbaijan, Baku / Trend corr S. Aliyev / The State Oil Company of Azerbaijan Republic (SOCAR) has paid off the first instalment of a $60mln loan from the International Bank of Azerbaijan (IBA), SOCAR vice president on economic issues, Suleyman Gasymov, reported on 5 June.
The first instalment made up $10mln. The loan will be repaid in instalments paid once every six months. The loan was granted for the construction of a submarine gas pipeline linking the Bahar and Oil Rocks fields.
Gasymov noted that SOCAR had been granted another loan by the IBA in the amount of $100mln for the construction of the Sangachal-Hajigabul gas pipeline intended for transportation of gas from the Shah Daniz field to the national gas transportation system, for drilling of off-shore gas wells and to purchase equipment for Azneft production unity.