SOCAR signs a credit agreement for construction of oil refinery in Turkey

SOCAR Turkey Energy and 23 financial institutions signed a loan agreement totaling $ 3.29 billion on May 30. The loan is issued to finance the construction of a new oil refinery Star in Izmir (Turkey).

According to the report posted on the website for public notice of Turkey, of this amount, $ 2.69 billion is issued for 18 years (grace period of 4 years - during the construction period), and the remaining $ 600 million - for a period of 15 years with a grace period of four years.

The information does not disclose the names of the banks involved in financing the project.

However, representatives of SOCAR previously stated that the Star refinery project’s lending is participated by export-import banks from Spain, Italy, Japan, the U.S. and South Korea, as well as 15 commercial banks.

To finance the project the Oil Fund has allocated $ 475 million. The total project cost is $ 5.6 billion.  -12B-

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