The Black Sea Trade and Development (BSTDB) and SOCAR AQS, a major drilling and well services company headquartered in Azerbaijan, have reached an agreement to partner for advancing regional cooperation in the energy sector, Trend reports citing BSTDB.
BSTDB is providing a 20 million euros Trade Finance Facility to finance imports of industrial equipment and materials from BSTDB member countries.
The transaction will have a strong regional and developmental impact through acquisition of casings, tubular, rig, well service equipment, drill bits, power generators, and crane equipment mainly from Russia, Romania, Turkey, and Ukraine, said the bank.
“We are delighted to become the first international financial institution to support SOCAR AQS, a major energy market player in Azerbaijan and in the whole Black Sea region. The energy and infrastructure has a vital role in the regional development and as such is a strategic priority for us. This operation underlines BSTDB’s mandate to promote regional cooperation among member countries. The partnership with SOCAR AQS will generate significant economic benefits and technological advancement opportunities for many producers and suppliers in the region. We hope to develop further our partnership in the coming years,” said Dmitry Pankin, BSTDB President, signing the loan agreement at the BSTDB Headquarters in Thessaloniki.
“SOCAR AQS proudly develops and delivers integrated energy and engineering solutions to sustain and further enhance historically leading role of the region in production of energy. We pursue our mission by application of innovative technologies in a sustainable manner with the corporate commitment to the highest safety and environmental management standards in our operations. The partnership with BSDTB will enable SOCAR AQS to expand our business and further integrate to supply-chain ecosystem in the region,” said Ramin Isayev, General Director of SOCAR AQS.
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