Debt of "Azerenerji" to SOCAR for 2015 closed

Suleyman Gasimov: SOCAR will become the owner of Methanol plant in exchange for debt

Baku. 27 April. REPORT.AZ/ "Azerenerji's debt to the State Oil Company of Azerbaijan Republic (SOCAR) amounted to 416 mln AZN as of January 1, 2015. There were long-term disputes in court in December of last year.

In the end, government provided subsidy to 'Azərişıq' and closed its dept to "Azerenerji" and then Azerenerji's debt to SOCAR has fully closed.

Report informs, Vice-President of SOCAR on Economic issues, Suleyman Gasimov said to reporters at today's meeting with members of the Caspian European Club (CEC).

S.Gasimov noted that new debt in the amount of 314 million AZN in the first quarter of 2016 rose to 30 million manat in 2015: "We believe that, considering the debt of the Methanol plant to the International Bank (IBA), the IBA to assess the plant's assets and sell them to SOCAR.

Estimation companies have already completed their work. Depending on the estimation results, new debt it will be repaid by SOCAR and thus SOCAR will become a full owner of the Methanol plant", said the representative of SOCAR.

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