BOTAS seeks €300 million loan for purchase of LNG from Azerbaijan 

Turkiye’s Petroleum Pipeline Corporation (BOTAS) intends to borrow 300 million euros ($300 million) in syndicated loans for purchases of liquefied natural gas from Azerbaijan until the end of the year, Report informs, citing foreign media sources.

BOTAS has been hit by skyrocketing gas prices since Russia invaded Ukraine in February. In the first half of the year alone, the government injected more cash into the company than it did in all of 2021 to pay for its operational losses. Turkish central bank spent around $18 billion to meet state-owned firms’ FX needs during the first six months of the year, with Botas emerging as the biggest recipient. Authorities stopped those sales in July, which were a drain on official foreign reserves. The company also borrowed $929 million from Deutsche Bank AG in July.