SOCAR received credit from Black Sea Trade And Development Bank with repayment period up to 18 years
The Black Sea Trade and Development Bank will allot SOCAR a credit worth $58 million, the bank chairman Andrei Kondakov told journalists.
“The Board of Directors has unanimously approved the decision on the Bank’s joining the project of Star oil refinery construction. The credit will be allotted for the period of up to 18 years. The exact date is yet to be discussed,” Kondakov said.
He said this is the biggest credit in the history of the bank.
“The bank usually allots credits for the period of up to 10 years. Such credits are usually allotted under sovereign guarantees. In this case we did not need such guarantees, because SOCAR is a very serious and reliable partner,” Kondakov added.
Total cost of Star oil refinery in Izmir, Turkey, construction of which is about to begin by the international consortium, is $5.1 billion. Of this sum $3.6 billion will be spent for construction of technological lines and assembly of equipment. SOCAR planned to cover 70% of the construction costs of the oil refinery at the expense of the bank credits.—0—
Economics
-
BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
-
SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
Leave a review