SOCAR credit debt decreased by 1 bln USD - UPDATED

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SOCAR credit debt decreased by 1 bln USD

Baku. 15 October. REPORT.AZ/ Today credit indebtedness of the State Oil Company of Azerbaijan Republic (SOCAR) decreased by 1 billion USD. Report informs, SOCAR Vice-president on Economic Affairs Suleyman Gasimov told reporters.

According to him, SOCAR credit debt decreased from 7.9 to 6.9 billion USD.

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 SOCAR to receive 260 mln AZN credit from International Bank soon

Baku. 15 October. REPORT.AZ/ In the coming days State Oil Company of Azerbaijan Republic (SOCAR) will receive the first tranche of the loan from the International Bank of Azerbaijan Republic (IBAR), which is the total amount of 1 bln 860 mln manats. Report informs, SOCAR Vice-president on economic issues, Suleyman Gasimov told reporters.

He said that 1 bln 260 mln manats will be spent on reconstruction of Baku Oil Refinery named after Heydar Aliyev, 600 million manats for drilling wells in "Bull", "Guneshli" fields. He stated that, Cabinet of Ministers gave a relevant order, and the State guarantee will be maintained by the Ministry of Finance. S.Gasimov said that, the contracts are signed, the paperwork, which required to obtain the new tranche is nearing completion.

According to him, 200 million manats of the first tranche will be spent on drilling, 50-60 mln. manats on reconstruction of the refinery: "Repayment of the loan, aimed at drilling operations will be carried out through the implementation of well production, but repayment of amount to be spent for reconstruction will be maintained within 10 years from state budget."

S.Gasimov added that, the loans are long-term, and the term of repayment of the loan for the reconstruction was extended on concessional terms from 3 to 10 years, on oil and gas extraction for 5-6 years.