SOCAR carbamide plant repays third of external debt

A third of the credit resources attracted for the construction of the carbamide plant of the State Oil Company of Azerbaijan (SOCAR) have already been repaid, Director of SOCAR carbamide plant Khayal Jafarov said, Report informs.

He noted that from the income received as a result of the plant’s activities, a debt to banks in the amount of 167 million euros was repaid: “In the next few years, we will try to fully repay the rest of the debt.”

He reminded that the total cost of this project amounted to 780-800 million euros: “At one time, 200 million euros were allocated from the state budget to finance the SOCAR urea plant project. Subsequently, it was decided to change the source of financing for the project. The main contractor of the plant is South Korean company Samsung Engineering Co., Ltd. The Export-Import Bank of South Korea (KEXIM Bank) showed great interest in financing this project. We have attracted a loan of 500 million euros from this bank. We have also attracted three well-known European banks for lending. Funds in the amount of 500 million euros have been raised under state guarantees from Societe Generale (France), Deutsche Bank (Germany) and UniCredit (Austria).”