Credit agreements for Star Refinery signed in Istanbul

Today in Istanbul there was a ceremony of signing the loan agreement between SOCAR and 23 financial institutions totaling $ 3.29 billion in the project of building a new refinery, Star, in Izmir.

According to the report by SOCAR Turkey Energy ("daughter" of SOCAR), the Turkish side in the signing was attended by Energy Minister Taner Yildiz, Minister of Science and Industry Fikri Ishik, and Azerbaijan was represented by Energy Minister Natig Aliyev, the Minister of Economy and Industry Shahin Mustafayev, SOCAR head Rovnag Abdullayev, the Executive Director of the State Oil Fund of Azerbaijan Shahmar Movsumov, the head of the petrochemical complex Petkim, SOCAR Investment Department head Vagif Aliyev, SOCAR Vice President Suleyman Gasimov and the President of SOCAR Turkey Energy Kenan Yavuz.

Note that of the total loan package, $ 2.69 billion was issued for 18 years (grace period - 4 years) and the remaining $ 600 million – for 15 years (grace period - 4 years). The loan package is formed from the funds of export-import banks (Spain, Italy, Japan, the U.S. and South Korea) and 16 commercial and investment banks. -12D-

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