SOCAR reduces debt to Finance Ministry and local credit organizations

As of July 1, 2023, the total debt obligations of the State Oil Company of Azerbaijan (SOCAR) amounted to 718 million manats ($422.42 million), 23.1% less year-on-year, Report informs, citing the company.

According to SOCAR, 48.5% of its debt obligations, or 348 million manats ($204.7 million), are obligations to the Ministry of Finance (at 0.1-1.5%), which is 15.3% less than a year ago.

During the reporting period, the company’s loan received from the International Bank of Azerbaijan OJSC decreased by 33.9% - to 293 million manats ($172.38 million; at 4.4-4.8%), the loan from Agrarkredit CJSC decreased by 3.8% - to 77 million manats ($45.3 million; at 0.16-5%).