SOCAR intends to attract foreign loan

SOCAR intends to attract $500 mln-loan from the foreign banks by the end of this year, vice-president of SOCAR on economic issues Suleyman Gasimov said, APA reports.

To him, attraction of loan from abroad is cheaper than the Eurobond: ‘We conduct talks with a number of foreign banks in this direction. By the end of the year, SOCAR will need fund at amount of $500 mln. $130 mln of it will be used in Turkey for construction of STAR oil refining plant. Other part of the money will be directed to SOCAR’s domestic investments, rebranding of filling stations in Switzerland, works conducted in Ukraine, gasification of Georgia, as well as domestic demand’.

Gasimov noted that in order to realize the mentioned works, SOCAR addressed BNP Paribas, ING, RBS, Natixis Bank, City Bank, J.P. Morgan, Deutsche Bank, Yapi Kredi Bank, UniCredit, VTB and other financial institutions.


/APA/