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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- Economical review
- 6 June 2014 17:48
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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