Socar’s borrowings down 2.6 pct in 2011
The total borrowings of the Azerbaijani state oil company Socar in 2011 decreased by 2.6 percent to around 2.98 million manats ($3.79 million), according to a report on the company's financial activities audited by Ernst & Young. The report was published on the company's website.
74.4 percent of the borrowings are made up by long-term loans. Their volume increased 7.6 percent last year.
Most of the long-term borrowings are formed due to credits drawn from Credit Suisse (over 762 million manats), the International Bank of Azerbaijan (625 million manats) and borrowings on bonds sold to Azerbaijan's State Oil Fund worth more than 381 million.
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