SOCAR plans to borrow hefty foreign loans
Azerbaijan’s state oil company SOCAR intends to borrow loans from
international financial institutions, its vice-president has
said.
Suleyman Gasymov said the incoming funds will be spent on upgrade work. Primarily, modernization will be carried out at the enterprises of Azerkimya, the state-run chemicals producer, which has recently been transferred to SOCAR. $100 million is planned to be borrowed to reach that goal. Preliminary talks are underway with potential lenders, Gasymov said.
He added that the loans will most likely be provided under state guarantee.*
Suleyman Gasymov said the incoming funds will be spent on upgrade work. Primarily, modernization will be carried out at the enterprises of Azerkimya, the state-run chemicals producer, which has recently been transferred to SOCAR. $100 million is planned to be borrowed to reach that goal. Preliminary talks are underway with potential lenders, Gasymov said.
He added that the loans will most likely be provided under state guarantee.*
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